The Totten trust is one of the easier trusts to set up and it is relatively easy to change beneficiaries, according to the Wills, Trusts & Estates Prof Blog in "Breaking Down the Totten Trust."
Totten trusts are inexpensive and easy to set up where they are allowed. People just need to go to the bank and fill out some forms. They are very similar to payable-on-death accounts that most banks also make available, so it is not essential to use the form of a trust to get the same benefits.
Totten trusts and payable-on-death bank accounts are only available for cash.
An estate planning attorney can advise you on creating an estate plan that meets your unique circumstances and may include a trust.
Reference: Wills, Trusts & Estates Prof Blog (Jan. 22, 2018) "Breaking Down the Totten Trust."