Important beneficiary information

If Capital Bank and Trust Company (CB&T) is the custodian or trustee of your account, we encourage you to review your designated beneficiaries. Life changes such as births, deaths and divorce can affect these designations.

You can find beneficiary designations on quarterly statements or online after logging in to an account.

CB&T retirement account beneficiary designation information

CB&T has a default provision for beneficiaries. At the time of your death, if no designation is in effect (or if none of the beneficiaries you named are alive), then the following default provision of the CB&T retirement account agreement will apply:

This default provision may have changed since you opened their accounts. If so, you were notified when this change occurred.

You may select this default provision because it best defines the way you would like your assets distributed after death. Or, you may name a beneficiary when completing the account application. We recommend that you review beneficiary designations to see if they need updating.

Coverdell Education Savings Accounts (ESAs) beneficiary designation information

Coverdell ESAs have a different default beneficiary provision than IRA accounts do. The default provision for Coverdell ESAs states that at the time of the child/recipient’s death, if no beneficiary is named or if none of the named beneficiaries are living, then the following default provision will apply:

CollegeAmerica 529 Successor Owner/Successor Custodian designation information

CollegeAmerica 529 accounts also have a different default beneficiary provision than IRAs or Coverdell accounts. For CollegeAmerica 529 accounts, if the successor owner or successor custodian is not named, the beneficiary will become the account owner if 18 or older. If the beneficiary is younger than 18, the individual(s) responsible for the estate of the account owner will be authorized to name a new account owner.

TOD beneficiary designation information

The default provision for non-retirement accounts with Transfer on Death beneficiary designations states that if no beneficiary is named or if none of the named beneficiaries are living at the time of the account owner’s death, then the following default provision will apply: