Totten Trust

A Totten trust (also referred to as a "Payable on Death" account) is a form of trust created where one party (the settlor of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust arises where the account is titled in the form "[depositor], in trust for [beneficiary]". It is not a legal trust, but arises out of equity, as a matter of fairness.
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Noun
1. a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
(synonym) savings account trust, savings bank trust, trust account, trustee account
(hypernym) trust

An informal trust in which assets deposited into an account are controlled by the person creating the trust, the GRANTOR, and held in trust for another, who is named as BENEFICIARY. When the account owner dies, the account is transferred to the beneficiary, but taxed as a part of the grantor's estate. If the account is jointly owned, the regulations covering joint accounts apply. When all the owners of the account die, the beneficiary becomes the lawful owner.

TRUST, TOTTEN - A bank account in your name for which you name a beneficiary. Upon the death of the named holder of the account the money transfers automatically to the beneficiary.