How to name beneficiaries and fund a trust at Central Bank
Covers 9 deposit, 2 retirement, 1 hsa, and 1 lending accounts — beneficiaries must be updated in-branch
Customer Service
Central Trust Company (trust administration, corporate trustee, estate settlement)
720 E. Broadway, Fourth Floor, Columbia, MO 65201
Customer Service (deposit accounts, IRAs, HSA, mortgages) — trust accounts route to Central Trust Company
The key to protecting your Central Bank accounts is making sure each one has a transfer mechanism in place—either a beneficiary designation or trust ownership. Without one, the account goes through probate, adding time, cost, and court involvement for your family.
With 13 product types, Central 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.
- Beneficiaries cannot withdraw unless all persons who created the account have died and the beneficiary is then living
- If two or more beneficiaries survive, they own the account in equal shares, without right of survivorship — so an uneven split cannot be set up on the account itself
- The person or persons who created the account keep the right to change beneficiaries, change account types, and withdraw all or part of the funds at any time
- A beneficiary can be registered in beneficiary form with LDPS (lineal descendants per stirpes), so a beneficiary's own descendants take that share if the beneficiary dies first
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Central Bank does not offer online beneficiary management and does not publish a downloadable beneficiary or Pay-On-Death form
- Multiple surviving Pay-On-Death beneficiaries take in equal shares with no right of survivorship under the deposit account terms
- The deposit account terms reserve the bank's right to refuse some forms of ownership and beneficiary designation, and state the bank makes no representation as to the appropriateness or effect of the designation except as it determines whom the bank pays
- Spouses may hold an account as a tenancy by the entirety in states that recognize that form of ownership
- A Trusted Contact (https://www.centralbank.net/learning-center/what-is-a-trusted-contact/) is not a beneficiary and cannot move money — it only lets the bank reach someone if it cannot reach the customer
Sources
Data sourced from Central Bank primary sources (17 pages reviewed). How we research.
Download these Central Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Central Bank primary sources. Bring it to the branch or keep it beside the phone.
Customer Service
Central Trust Company (trust administration, corporate trustee, estate settlement)
720 E. Broadway, Fourth Floor, Columbia, MO 65201
Customer Service (deposit accounts, IRAs, HSA, mortgages) — trust accounts route to Central Trust Company
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