Funds from a Totten trust or Payable On Death (POD) account are earmarked to cover anticipated funeral costs. You may open this type of account at your local bank, either as an individual savings account or certificate of deposit. You will need to name a beneficiary for this account. You have complete access and control over the account during your lifetime.
When you die, the money passes automatically to your designated beneficiary without having to go through probate. The funds are intended to be used to cover funeral expenses, but the beneficiary has the freedom to use the funds however they wish.