How to name beneficiaries and fund a trust at Carter Bank
Covers 8 deposit, 2 retirement, and 2 lending accounts — beneficiaries must be updated in-branch
Customer Contact Center
Carter Bank & Trust, 320 College Drive, Martinsville, VA 24112
Customer Contact Center
Carter Bank & Trust, 320 College Drive, Martinsville, VA 24112
Customer Contact Center / branch network (no separate estate department)
Carter Bank & Trust, 320 College Drive, Martinsville, VA 24112
Estate planning for your Carter Bank accounts starts with understanding how each one transfers at death. Beneficiary designations and trust retitling both bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Carter Bank offers 12 accounts, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
- Full legal name, date of birth, Social Security number, and relationship
- For a trust beneficiary: the exact trust name and date, plus the Certification of Trust
- For an IRA: primary and contingent beneficiaries and the percentage each receives
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Section 6 of the deposit account agreement provides that the forms of ownership and beneficiary designation are governed by the statutes of the state in which the account was initially created — Virginia or North Carolina, which matters when a customer opened the account in one state and later moved
- Section 6.e: a POD beneficiary has no right to withdraw until the owner dies and only if the beneficiary is then living; the owner may change beneficiaries or withdraw the funds at any time
- Naming a trust as POD beneficiary: bring the Certification of Trust so the bank records the trust name and date exactly as they appear in the instrument
- IRA beneficiary changes by a married account holder may require spousal consent
- For incapacity (not death), Section 6.c of the agreement offers a Personal Agency Account: you may name an agent to make withdrawals, and you may elect to have that authority continue notwithstanding your later incapacity or mental incompetence. If you do not make that election, the agent's authority ends when you become incapacitated
Sources
Data sourced from Carter Bank primary sources (19 pages reviewed). How we research.
Download these Carter Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Carter Bank primary sources. Bring it to the branch or keep it beside the phone.
Customer Contact Center
Carter Bank & Trust, 320 College Drive, Martinsville, VA 24112
Customer Contact Center
Carter Bank & Trust, 320 College Drive, Martinsville, VA 24112
Customer Contact Center / branch network (no separate estate department)
Carter Bank & Trust, 320 College Drive, Martinsville, VA 24112
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