Some clients want the assistance of professionals in the distribution of assets for their own benefit or that of their family and loved ones while they are still living or after they have passed away. The reasons for creating a trust to accomplish this purpose are as numerous as are the number of trust clients. Privacy is often an important consideration, but everyone has his or her own particular reasons. Our staff is prepared to assist clients in the distribution of their assets in almost any circumstance including the following situations:
- An agency or Trust intended to pay daily bills and expenses while they are unavailable or unable to do so.
- A Special Needs Trust or a Guardianship to benefit children with circumstances limiting their ability to care for themselves and pay their expenses.
- A Trust to benefit children or grandchildren who are minors for a specific purpose such as education, health care or to preserve assets to enable them to start a new business venture or other special purpose.
- Administration of a Probate Estate when assets need to be held safely while creditor and tax claims are being resolved and paid by an estate.
- An Endowment Fund, a Charitable Annuity or Trust intended to preserve the existence of an organization, institution or cause while providing periodic payments of income to meet operating needs.
The Trust Department and the Trust Committee that oversees its operations can provide an impartial yet caring source to assist you in determining the appropriate distribution of your assets to your family or other beneficiaries. As circumstances change after the Trustor has passed, it may require sound judgment on the part of an independent third party to become personally involved with and interact with those beneficiaries.
You can have the peace of mind knowing that there will be local people involved in making those decisions in your absence for the benefit of your loved ones and the recipients of your benevolence.
The types of trusts that can be established are virtually unlimited. Three very common trust accounts are agencies, living trusts and testamentary trusts.
- An Agency Account requires no trust agreement but is governed by an agreement between you and the Trust Department to manage funds and distribute proceeds for specified purposes. It may, but not need, involve investment management services depending upon your needs.
- A Living Trust permits you to define exactly how your assets are to be handled while you are alive and for the benefit of your beneficiaries after you have passed on. This trust goes into effect while you are still living.
- A Testamentary Trust is established by your Last Will and comes into existence only upon your death.
1st National Community Bank and its affiliates do not render tax advice or legal advice. For specific tax advice you should consult a tax advisor. Estate planning requires legal assistance.
INVESTMENT ACCOUNTS ARE NOT DEPOSITS OF THE BANK. THESE ACCOUNTS ARE NOT FDIC INSURED, ARE NOT INSURED BY THE GOVERNMENT AND ARE NOT GUARANTEED BY THE BANK. THEY MAY DECREASE IN VALUE.