How to name beneficiaries and fund a trust at Centennial Bank
Beneficiaries are managed in branch. Trust paperwork is taken in branch
Preparing your Centennial Bank accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.
With 19 product types, Centennial Bank offers a range of transfer options. Some accounts support Payable on Death (POD) designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
Beneficiary form at Centennial Bank
POD designation on the signature card or beneficiary designation form (for payable-on-death accounts) and IRA beneficiary designation form (for IRAs).
- Full name, date of birth, Social Security number, relationship, and address for each beneficiary
- For IRA beneficiary changes: the IRA beneficiary designation form
- For a trust beneficiary: the Certification of Trust or trust agreement
Required Documents
- Government-issued photo ID (at the branch)
- Each beneficiary's full legal name
- Each beneficiary's date of birth
- Each beneficiary's Social Security number
- Each beneficiary's relationship to you
- Each beneficiary's mailing address
- Certification of Trust or the trust agreement (when naming a trust). The banker records the trust name, date and tax identification number from it
- Trust agreement or Certification of Trust
- Government-issued photo ID for all trustees named in the trust
- The trust's tax identification number
Required Documents
- Certification of Trust or the trust agreement. Either is taken: a Certification of Trust (Trust Abstract or Affidavit of Trust), or the pages showing trust name, date, trustee names, grantor names and trustee powers
- Signature and notary pages from the trust agreement
- Any amendments to the trust document
- Government-issued photo ID (for every trustee who will sign)
- Trust tax identification number
- Death certificate (if a grantor or trustee named in the trust is deceased and a successor trustee is signing)
- Full name, date of birth, Social Security number, relationship, and address for each beneficiary
- For IRA beneficiary changes: the IRA beneficiary designation form
- For a trust beneficiary: the Certification of Trust or trust agreement
Required Documents
- Government-issued photo ID (at the branch)
- Each beneficiary's full legal name
- Each beneficiary's date of birth
- Each beneficiary's Social Security number
- Each beneficiary's relationship to you
- Each beneficiary's mailing address
- Certification of Trust or the trust agreement (when naming a trust). The banker records the trust name, date and tax identification number from it
What Centennial Bank says about beneficiaries and trusts
Each section is Centennial Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
Checking, savings, money market and CD accounts take a POD (payable on death) designation. It is recorded per account, not once for the customer.1
- IRA
An IRA takes a beneficiary designation on the IRA beneficiary designation form, which names primary and contingent beneficiaries.1
- Health savings account
The HSA is individually owned, with authorized signers and beneficiaries.2
Who can be named1
- A trust
A trust can be named as beneficiary, with a copy of the trust agreement or Certification of Trust.1
- A trust, IRAs
An IRA cannot be retitled to a trust, but a trust can be named as its beneficiary.1
- A trust, coverdell education savings accounts
A Coverdell education savings account cannot be retitled to a trust, but a trust can be named as its beneficiary.1
- A trust, health savings accounts
An HSA cannot be retitled to a trust, but a trust can be named as its beneficiary.1
What a designation takes to be effective
- All accounts
The designation is made by signing the updated signature card or beneficiary designation form the banker prepares.1
Beneficiary forms Centennial Bank issues2
What Centennial Bank's agreement says about beneficiaries1
- Changing or revoking a designation
Beneficiary changes are made at a branch. They cannot be made through Online Banking or by phone: the General Banking FAQ routes account changes to a branch and limits Customer Care to address updates.3
Which accounts a trust can hold4
- Trust account
Checking, savings, money market and CD accounts can be titled to a trust.1
- IRA
An IRA cannot be retitled to a trust; its title stays unchanged.1
- Coverdell education savings account
A Coverdell education savings account cannot be retitled to a trust; its title stays unchanged.1
- Health savings account
An HSA cannot be retitled to a trust; its title stays unchanged.1
What Centennial Bank says about trust accounts3
- Online access
Online account opening is limited to a checking, savings or CD account in the applicant's own name and Social Security number, so a trust-titled account cannot start there.1
Trust Department clients reach their accounts through a third-party Infovisa login, the Trust Login on the trust-services page.4
- Fees
The Schedule of Fees charges $25 when an account is closed within 180 days of opening. If a new trust account is opened rather than the existing one retitled, that clock restarts.5
- Certificates moved into a trust
Retitling a CD at maturity avoids the early-withdrawal penalty that breaking it and reopening it would trigger.1
Accounts handled elsewhere2
- Centennial Bank Trust Department (Centennial Trust)
Corporate trustee services, and administration of retirement plans, IRAs and Coverdell accounts4
- Happy Bank
A separate trust division for the sibling Home BancShares brand in Texas4
Not in Centennial Bank's published guidance3
- A beneficiary form to download
- Terms in its agreements for a beneficiary designation
- Consumer deposit account agreement
Sources
Data sourced from Centennial Bank primary sources (17 pages reviewed). How we research.
Download these Centennial Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Centennial Bank primary sources. Bring it to the branch or keep it beside the phone.
Centennial Bank estate support
Centennial Bank Trust Department (Centennial Trust)
Phone
Hours
Mailing address
Website
Estate planning articles
Learn how to protect your Centennial Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
Learn more
Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
Learn more
New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
Learn more
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: a will, living trust, pour-over will, both powers of attorney, living will, and TOD deed.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Transfer on Death Deed
Transfer real property to a beneficiary upon your death without probate. Available in 34 states and the District of Columbia.
Tools for Planning Your Estate
Free tools for planning your estate: what a will or trust costs, whether you need a trust or TOD deed, and how documents are signed.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
How Much Life Insurance Do I Need?
Calculate your life insurance needs based on income, debts, and family situation.
