A Payable on Death (POD) account, referred to as a "Totten Trust" in some jurisdictions, is a type of bank account that allows the account holder to specify beneficiaries who will receive the funds in the account upon the account holder's death. It's a simple and effective tool for passing on assets without going through the probate process.

The concept of POD accounts originates from the 1904 New York court case known as the Matter of Totten. This case established the legal basis for transferring the balance of a bank account to a designated beneficiary upon the account owner's death. The court's decision labeled this arrangement a "tentative trust" (now recognized as a type of revocable trust), allowing the account holder to retain control over the funds during their lifetime while ensuring a clear beneficiary for the transfer of assets upon death. 

Avoidance of Probate: One of the main advantages of POD accounts is that the funds bypass the probate process. This means that the designated beneficiary can access the funds more quickly after the account holder's death.

Revocability: During the account holder's lifetime, they maintain full control over the funds and can spend, invest, or transfer them as they wish. They can also change the beneficiary without the beneficiary's consent. This stands in contrast to