TOD is used for brokerage accounts and (in some states) real estate and vehicles. POD is used for bank accounts. Both override your will for the specific account they're attached to.
Glossary · titling
TOD / POD designation
Acronym: TOD
Also called: Transfer On Death, Payable On Death
In plain English
A beneficiary designation on a bank/brokerage account that sends the account directly to named beneficiaries at death, skipping probate.