If it is what you want to have happen, it is fine. There are several ways to transfer assets on death and naming a beneficiary on the bank form is one of them. Consider though if there is sufficient cash or liquid assets in the trust to pay for administration expenses. Sometimes, people choose to put beneficiaries on all accounts [and there are good reasons to do this] but the end result is there is no ready cash for the Trustee to pay bills.

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Usually the trust has a much more comprehensive distribution plan that covers numerous contingencies (i.e. if children predecease) that are normally not offered by the bank accounts beneficiary designation forms. One scenario that shows the benefit of putting accounts in the trust is if both of you are incapacitated, unless you have certain important documents, you may still require a conservatorship (costly court proceeding) to handling your accounts. Remember that the son cannot touch the money until both of you are gone without those documents.

If the accounts are in the trust, the named successor trustee would take over without requiring the appointment of conservator of the person. Finally, putting all the cash and other assets into the trust just makes it easier to manage, not just for you, but the successor trustees.

One other thing to think about, of course, is that if your son is below the age of 18, he shouldn't take direct possession of the funds at that time (irresponsibility of youth, etc.). Thus, in that case, and for all the other reasons my colleagues suggest, it might make sense to have a trust, rather than "Totten Trust" bank accounts.