What to do when a Carter Bank & Trust account holder dies
Contact Carter Bank & Trust — 5-step process, 8 required documents, and 5-10 business days after all documentation is received, though complex estates may take longer
Customer Service
Phone833-275-2228
Email[email protected]
Mailing Address
Carter Bank & Trust, P.O. Box 1776, Martinsville, VA 24115
WebsiteLearn more→
Customer Service
Phone833-275-2228
Email[email protected]
Mailing Address
Carter Bank & Trust, P.O. Box 1776, Martinsville, VA 24115
WebsiteLearn more→
Estate Settlement
Phone833-275-2228
Email[email protected]
Mailing Address
Carter Bank & Trust, P.O. Box 1776, Martinsville, VA 24115
Verified Apr 2026
What happens to Carter Bank & Trust accounts after the account holder dies depends on how each account was titled. Beneficiary-designated and trust-owned accounts transfer directly. Accounts in the deceased's name alone go through the estate, and the executor or administrator works with Carter Bank & Trust's Estate Settlement (833-275-2228) to claim the funds.
To start a claim, contact Carter Bank & Trust by phone at 833-275-2228 or email documentation to [email protected]. You will need the account holder's full name, account numbers, and a certified death certificate.
Deposit, investment & retirement accounts
To file a claim after an account holder's death, here is what Carter Bank & Trust requires:
Filing a claim
1
Notify Carter Bank & Trust of the account holder's death by visiting a local branch or calling 833-275-2228
2
Gather required documentation:
- Certified copy of the death certificate
- Valid government-issued photo ID for the claimant
3
Choose the appropriate settlement path:
- For accounts with POD beneficiary: provide the death certificate and beneficiary ID to claim funds directly
- For joint accounts with right of survivorship: provide the death certificate; surviving owner retains access to the account
- For accounts without beneficiary or survivorship: obtain Letters Testamentary, Letters of Administration, or a Small Estate Affidavit from the court and provide along with the executor or administrator's ID
- For trust accounts: provide the trust document, successor trustee provisions, death certificate, and successor trustee ID
4
If needed, open an estate account at a Carter Bank & Trust branch to manage estate proceeds and pay bills
5
Carter Bank & Trust will review submitted documentation and process the claim
Required Documents
- Certified copy of the death certificate
- Valid government-issued photo ID for the claimant (beneficiary, executor, or administrator)
- Account information for the deceased (account numbers if available)
- For accounts without beneficiary: Letters Testamentary or Letters of Administration from the court
- For small estates in Virginia: Small Estate Affidavit as permitted under Va. Code 64.2-601 (personal property valued at $50,000 or less)
- For small estates in North Carolina: Small Estate Affidavit as permitted under N.C. Gen. Stat. 28A-25-1 (personal property valued at $20,000 or less, or $30,000 if surviving spouse is sole heir)
- For trust accounts: trust documentation including successor trustee provisions and trustee ID
- For IRA accounts: IRA beneficiary claim forms and applicable distribution election forms
Visiting a local branch is the most direct way to initiate the estate settlement process. Carter Bank & Trust staff can help identify all accounts held by the deceased and guide you through the appropriate settlement path based on account ownership and beneficiary designations.
Mortgage and home lending
Mortgages and home equity loans are liabilities, not assets. They do not have beneficiaries and cannot be retitled to a trust. When a borrower dies, the loan obligation transfers with the property to whoever inherits it. Under the federal Garn-St. Germain Act, the lender cannot accelerate the loan or call it due when the property transfers to a surviving spouse, child, or the borrower’s revocable trust.
1
Notify Carter Bank & Trust of the borrower's death by calling 833-275-2228 or visiting a local branch
2
Provide initial information:
- Deceased borrower's full legal name and loan number
- Certified copy of the death certificate
3
Request the Successor in Interest documentation package from the mortgage department
4
Complete and return the Successor in Interest form with supporting documentation proving your ownership interest in the property (e.g., probated will, court order, deed, or trust document)
5
Carter Bank & Trust will review your documentation and confirm your status as a Successor in Interest
6
Once confirmed, choose from available options:
- Continue making payments on the existing loan
- Assume the loan
- Refinance in your own name
- Pay off the remaining balance
7
Continue making monthly mortgage payments during the review process to avoid default
Required Documents
- Certified copy of the death certificate
- Government-issued photo ID for the heir or personal representative
- Completed Successor in Interest form (obtained from the mortgage department)
- Documentation proving ownership interest in the property: probated will, court order, recorded deed, or trust document showing you as successor trustee or beneficiary
- Letters Testamentary or Letters of Administration (if going through probate)
- Marriage certificate (if surviving spouse)
Under the federal Garn-St. Germain Depository Institutions Act (12 U.S.C. 1701j-3), Carter Bank & Trust cannot enforce a due-on-sale clause when the property transfers to a surviving spouse, child, relative upon death, or the borrower's revocable living trust. Confirmed Successors in Interest are treated as borrowers under CFPB mortgage servicing rules.
Processing timelines at Carter Bank & Trust: 5-10 business days after all documentation is received, though complex estates may take longer. Incomplete documentation is the most common cause of delays—submitting all required documents with the initial claim helps avoid additional processing time.
Documentation required by Carter Bank & Trust includes Certified copy of the death certificate, Valid government-issued photo ID for the claimant (beneficiary, executor, or administrator), and Account information for the deceased (account numbers if available), along with additional paperwork that varies by account type. All death certificates and court documents must be certified copies.
Frequently asked questions
When an account holder with a POD (Payable on Death) designation dies, the named beneficiary can claim the account funds by visiting a Carter Bank & Trust branch with a certified copy of the death certificate and a valid government-issued photo ID. POD accounts bypass the probate process and pass directly to the named beneficiary.
Yes. All Carter Bank & Trust deposit accounts (checking, savings, money market, and CDs) support POD (Payable on Death) beneficiary designations. Visit any branch with your government-issued photo ID to add or update POD beneficiaries. You will need each beneficiary's full legal name, date of birth, Social Security number, and relationship to you. POD accounts bypass the probate process and pass directly to the named beneficiary upon death.
Notify Carter Bank & Trust at 833-275-2228 or visit a local branch with a certified death certificate. Request the Successor in Interest documentation package from the mortgage department. Under the Garn-St. Germain Act (12 U.S.C. 1701j-3), the bank cannot accelerate the loan when the property transfers to a surviving spouse, child, or the borrower's revocable living trust. Once confirmed as a Successor in Interest, you can continue making payments, assume the loan, refinance, or pay off the balance.
Carter Bank & Trust's Estate Settlement can be reached by phone at 833-275-2228 and email at [email protected] for questions throughout the claims process.
When the deceased had multiple Carter Bank & Trust accounts, some may need separate claims while others can be handled together. The Estate Settlement can clarify what's needed for each account type.
Customer Service
Phone833-275-2228
Email[email protected]
Mailing Address
Carter Bank & Trust, P.O. Box 1776, Martinsville, VA 24115
WebsiteLearn more→
Customer Service
Phone833-275-2228
Email[email protected]
Mailing Address
Carter Bank & Trust, P.O. Box 1776, Martinsville, VA 24115
WebsiteLearn more→
Estate Settlement
Phone833-275-2228
Email[email protected]
Mailing Address
Carter Bank & Trust, P.O. Box 1776, Martinsville, VA 24115
Verified Apr 2026
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