Estate planning options at Centreville Bank
Preparing your Centreville Bank accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and aligning account ownership with your broader estate plan. Both approaches bypass probate, but they work differently depending on the account type.
The transfer rules at Centreville Bank vary across 12 accounts. Below is a breakdown of beneficiary options, trust funding, and which products support each method.
No beneficiary form at Centreville Bank
What Centreville Bank says about beneficiaries and trusts
Each section is Centreville Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
A one-owner account with a pay on death designation passes to the beneficiaries at the owner's death and is not part of the estate.1
- Trust account
An In Trust For account can be paid to the beneficiary or the beneficiary's legal representative after the last trustee dies, once the bank has every required legal document.1
How many beneficiaries, and how shares are split
- All accounts
Two or more named beneficiaries split the account evenly unless the account records say otherwise. Beneficiaries count as primary unless marked contingent, and contingent beneficiaries take in equal shares only if the primary beneficiary dies first.1
What Centreville Bank's agreement says about beneficiaries4
- Changing or revoking a designation
The owner of a pay on death or In Trust For account can change the named beneficiaries whenever they like by writing to the bank.1
- Joint accounts
On a joint account with survivorship that also names pay on death beneficiaries, the surviving owners keep the account, and the beneficiaries take it only when the last owner dies.1
- Powers of attorney over a living owner's account
An agent named on the account can transact for the owners but takes nothing at death unless also named a pay on death beneficiary.1
- Which state governs the account
The law of the state where the account was opened governs the agreement, except where federal law controls.1
What Centreville Bank says about trust accounts1
- Review of the trust document
Under its business account agreement, the bank does not act as trustee or look into a trustee's powers on a trust or fiduciary account, and it may ask for whatever documents the law requires to open, run or close one.2
Not in Centreville Bank's published guidance8
- What the owner provides to name a beneficiary
- A beneficiary designation form
- An online way to name a beneficiary
- Who may be named as beneficiary
- Which trust documents it accepts
- A procedure for holding an account in a trust
- A trust account form
- How long a change takes
Sources
(3)·
Data sourced from Centreville Bank primary sources (31 pages reviewed). How we research.
Download these Centreville Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against Centreville Bank primary sources. Bring it to the branch or keep it beside the phone.
Centreville Bank estate support
Customer Contact Center
Phone
Toll-free
Phone Banking (24 hours)
Lost or stolen debit card
Hours
Mailing address
Website
Estate requests go through general customer service.
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