Estate planning options at Potomac Bank
Estate planning for your Potomac Bank accounts starts with understanding how each one transfers at death. Beneficiary designations bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Potomac Bank offers 19 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.
Contact Potomac Bank directly for information about adding or updating beneficiary designations on your accounts.
Why trust accounts are not available
Potomac Bank does not currently support retitling accounts into a trust. The alternative is to name a trust as the Transfer on Death beneficiary, which provides similar probate-avoidance benefits while keeping the account in the individual's name.
Basic Checking
A non-interest checking account with a Visa debit card and a free first box of standard checks. It can be applied for online.
Interest Checking
Earns interest on all balances, with unlimited check writing and a Visa debit card.
Student Checking
The account is reclassified as Basic Checking or a similar account when the student turns 25.
Statement Savings
Interest is compounded and credited quarterly. It can be opened online or in an office.
Centsables Savings
The bank adds a $5.00 gift once the account is opened with $10.00.
Christmas Club Savings
Matures on October 31, when the funds move to the account of the owner's choice. Early withdrawals carry a fee.
Certificates of Deposit
Certificates renew automatically, with a 10-day grace period. Early withdrawal costs 3 months of interest on terms of 91 days to 12 months, 6 months on 18 to 36 months and 12 months on 48 months and beyond.
Business 250 Checking
The bank describes it as suited to any business, church, community organization, non-profit, estates and escrows, and business trusts.
Unlimited Business Checking
Unlimited check writing with no per-item fee. The bank also uses it for title companies' operating and escrow accounts.
Business Analysis Checking
An earnings credit on the average ledger balance can offset eligible fees.
Interest on Lawyers' Trust Accounts (IOLTA)
For law firms: the interest, less fees, is forwarded by the bank to the state IOLTA fund.
Potomac Bank Trust and Wealth
Financial planning, portfolio management, and trust and estate services: the bank serves as trustee for living trusts, trusts under will and charitable trusts, and administers estates through settlement.
BCT Investments (LPL Financial)
Brokerage, annuities, insurance and retirement plan rollovers offered through LPL Financial representatives. These are not bank deposits and are not FDIC insured.
Traditional IRA CDs
Interest is deposited to the IRA CD quarterly. The bank publishes no beneficiary form or rule for its IRAs.
What Potomac Bank says about trust accounts
Each section is Potomac Bank's own statement, with the document it comes from numbered under Sources.
Which accounts a trust can hold1
- Trust account
Trust and Wealth administers a trust it serves as trustee for, and manages its portfolio, under the terms of the trust document.1
Accounts handled elsewhere1
- BCT Investments (LPL Financial)
IRA, SEP and Roth IRA accounts, retirement plan rollovers and annuities held through LPL Financial representatives2
Phone: 1-304-728-2464
Not in Potomac Bank's published guidance10
- 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
- Terms in its agreements for a beneficiary designation
- A procedure for holding an account in a trust
- A trust account form
- Which trust documents it accepts
- Terms in its agreements for a trust account
- How long a change takes
Sources2
Sources
(3)·
Data sourced from Potomac Bank primary sources (37 pages reviewed). How we research.
Download these Potomac Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against Potomac Bank primary sources. Bring it to the branch or keep it beside the phone.
Potomac Bank estate support
Potomac Bank Trust and Wealth
Phone
Office
Website
Estate planning articles
Learn how to protect your Potomac Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
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Learn moreForms for Planning Your Estate
Free forms for planning your estate: will, living trust, pour-over will, powers of attorney and TOD deed. Prepare each form for your state and download the PDF.
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.
Codicil to a Will
Add, revoke or replace provisions of your will and republish the rest, signed as your state requires for a will.
Tools for Planning Your Estate
Free tools for planning your estate: will and trust costs, trust or TOD deed, and the signing rules. Run each tool for your state and read its answer.
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.
How Much Is the Federal Gift Tax?
Whether a gift owes federal gift tax, how much of the annual exclusion and lifetime exemption it uses, and whether Form 709 is due.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
