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A Bank account trust is a trust created by a person depositing his or her own money in his or her own name in a bank account for the benefit of another. The trust is revocable at will by the depositor at any time before the depositor dies or completes the gift. It is similar to “pay on death” account, as it creates no interest in the beneficiary unless the account remained at the depositor's death. However if the beneficiary dies before the depositor, then the trust is considered to have lapsed, meaning it has no validity or effect. Any value in that account will simply pass into the body of the trustee's estate and be disbursed according to the trustee's will, trust agreement, or according to the laws of that particular state.
Such trusts can be used as an alternative to a will so is called testamentary substitute.
These trusts are also termed Totten trust as the court approved such a concept in In re Totten, 179 N.Y. 112, 124 (N.Y. 1904)