How to name beneficiaries and fund a trust at CPB
Covers 12 deposit, 2 retirement, and 2 lending accounts — beneficiaries must be updated in-branch
Customer Service Center
Central Pacific Bank, P.O. Box 3590, Honolulu, HI 96811
Trust and Asset Management Division
Central Pacific Bank, Trust and Asset Management, 220 South King Street, Honolulu, HI 96813
Customer Service Center (estate notification) / Trust and Asset Management (estate settlement)
Central Pacific Bank, P.O. Box 3590, Honolulu, HI 96811
Preparing your CPB 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 16 product types, CPB 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.
- For deposit accounts: CPB records a POD designation as an "Informal Trust Account" under its Deposit Account Agreement -- you remain the owner, the beneficiaries have no rights during your lifetime, and the funds pass to the beneficiaries who survive you
- Give the beneficiary's full legal name, date of birth, Social Security number, and relationship
- For IRA accounts: complete the IRA beneficiary designation form with primary and contingent sections
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Beneficiary changes must be made "by written direction" to the bank (Deposit Account Agreement, Informal Trust Account) -- there is no online beneficiary tool
- CPB pays multiple informal-trust (POD) beneficiaries in equal shares unless its records indicate otherwise -- specify unequal percentages explicitly on the form
- If no named beneficiary survives the last surviving owner, state law determines who owns the funds (Deposit Account Agreement)
- You also agree to notify CPB immediately of the death of any designated beneficiary, not just an owner (DEATH OR INCOMPETENCE clause) -- a predeceased beneficiary left on the account is a common cause of a frozen payout
- Naming a trust as beneficiary requires a copy of the Certification of Trust
- IRA beneficiary changes for married account holders may require spousal consent
Sources
Data sourced from CPB primary sources (15 pages reviewed). How we research.
Download these CPB instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against CPB primary sources. Bring it to the branch or keep it beside the phone.
Customer Service Center
Central Pacific Bank, P.O. Box 3590, Honolulu, HI 96811
Trust and Asset Management Division
Central Pacific Bank, Trust and Asset Management, 220 South King Street, Honolulu, HI 96813
Customer Service Center (estate notification) / Trust and Asset Management (estate settlement)
Central Pacific Bank, P.O. Box 3590, Honolulu, HI 96811
Estate planning articles
Learn how to protect your CPB accounts and other assets with trusts, beneficiary designations, and estate planning documents.
