How to name beneficiaries and fund a trust at TowneBank
Beneficiaries are managed in branch. Trust paperwork is taken in branch
There are two ways to keep your TowneBank accounts out of probate: adding beneficiary designations and structuring ownership to align with your estate plan. Which approach works best depends on the account type and your overall estate plan.
Each of TowneBank's 15 accounts has different rules for how it transfers at death. The sections below explain the options for each.
No beneficiary form at TowneBank
Beneficiaries are named in branch.
- Beneficiaries on personal accounts are added or removed at a TowneBank branch location
- ClickSWITCH moves automatic payments and direct deposits only; beneficiary designations are made at a TowneBank location
- IRA owners can contact their hometown banker to update, add, or remove the beneficiaries on the account at any time
- Beneficiaries on personal accounts are added or removed at a TowneBank branch location
- ClickSWITCH moves automatic payments and direct deposits only; beneficiary designations are made at a TowneBank location
- IRA owners can contact their hometown banker to update, add, or remove the beneficiaries on the account at any time
What TowneBank says about beneficiaries and trusts
Each section is TowneBank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
A beneficiary on a personal account is added or removed at a TowneBank branch location.1
Accounts handled elsewhere1
- Towne Trust Company, N.A.
Trustee or successor trustee of revocable living trusts, and special needs and testamentary trusts3, 4, 5
Phone: 1-757-599-2200
Not in TowneBank's published guidance5
- What the owner provides to name a beneficiary
- A beneficiary designation form
- Phone or mail designation channels
- A trust as a named beneficiary
- A trust-account document list
Sources
Data sourced from TowneBank primary sources (23 pages reviewed). How we research.
Download these TowneBank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against TowneBank primary sources. Bring it to the branch or keep it beside the phone.
TowneBank estate support
Towne Trust Company, N.A.
Phone
Website
Estate planning articles
Learn how to protect your TowneBank 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.
