Revocable Living Trust
A Revocable Living Trust is established by written agreement during your lifetime for the benefit of yourself and others. You (the Grantor) establish the Trust by transferring certain assets to the Bank as Trustee and provide directions on how you wish to have those assets managed and distributed. One of the main advantages is that the Trust is revocable. You have the flexibility of amending it to meet your changing needs and wishes.
Because it is a "Living Trust" you have the opportunity to observe the investment management and administration of the account during your lifetime. It is important to remember that your changing needs and wishes may be met by amending the terms of the Revocable Trust Agreement.
In the event of your incapacity, the normal management of the Trust will not be interrupted. The Trustee retains all of the given powers and can conduct business as usual. If you become incapacitated without a Trust, someone must petition the court to be granted control of your assets. That person must have access to your money in order to pay medical expenses, your mortgage, insurance premiums, and other important items. With the bank as your Trustee, this problem never arises. We make sure your investments receive professional care and your monetary obligations are met.
Assets held in a Revocable Living Trust are not subject to Probate. This results in probate avoidance and continued privacy as well as cost savings at the time of your death.
As Trustee, we help you determine your financial needs and goals. We then develop an investment strategy to meet them. We hold assets transferred to us, invest in assets consistent with your goals, collect the income and distribute Trust funds according to the agreement.
We also provide periodic accountings that include detailed information on the Trust investments as well as all daily transactions. Income tax returns will be prepared for the Trust, and tax information is provided to you each year for the preparation of your personal income tax returns. Our staff performs other services such as bill payment, procuring household help, etc. These services give you more free time to pursue other interests.
Our Trust Officers are ready to show you how the Revocable Living Trust can add to the financial well being of you and your family, both now and in the future.
Benefits of a Living Trust
· Financial protection in case of illness or disability
· Experienced investment management
· Reduced estate settlement costs
· Possible tax savings
· Continuity of service for family
· Objectivity in fulfilling Trust provisions
· Objectivity in investment choices
Call the Trust Department at 1-800-280-0123 to speak with one of our dedicated Trust Officers.