Personal Trust Administration
First National Bank can serve as trustee for the following types of trust accounts:
A living trust is operative during the lifetime of the person who establishes the trust; this person is also known as the settlor. A living trust is revocable during the lifetime of the settlor, is flexible and can be tailored to fit the style, preferences and degree of involvement desired by the settlor. It can also be used as standby protection should the settlor become ill or otherwise incapable of handling their personal finances. The living trust can also be used in conjunction with a will for the dispositions of assets after death, thereby avoiding the necessity of probate proceedings.
A testamentary trust is established by the terms of a will for the benefit of remaining loved ones. The terms of such a trust can be molded to the desires and the intent of the testator, i.e. the deceased. Additionally, a testamentary trust can serve as a valuable planning tool for minimizing estate taxes.
A trust composed partly or wholly of life insurance policies on the life of the settlor which, if it is irrevocable and contains certain provisions, can provide for life insurance proceeds at the death of the settlor which are not included in the settlor's estate.
Trusts for Minors
Trusts for minors includes Section 2503(b), 2503(c) and Uniform Gifts to Minors
The Trust Department of First National Bank can provide for professional estate settlement. This important and vital task involves the following duties:
- Obtaining formal appointment
- Locating financial records
- Taking inventory of assets
- Notifying heirs
- Insuring and protect assets
- Paying any debts or collecting money owed
- Supervising any litigation
- Preserving and investing assets
- Estimating and controlling cash needs and maintaining accurate records
- Analyzing tax deduction choices, valuation decisions and distribution options
- Completing tax returns
- Preparing final accounting
- Remaining impartial
- Ensuring that the distributions of assets are carried out exactly as instructed by the decedent in the will, or according to the law in the case of intestacy
Estate Planning Tools
Our Trust Department can provide information and insights into the most up-to-date estate planning tools, including:
- Marital deduction and by-pass trusts to provide for exemption of the maximum amount allowed by law to be sheltered from estate taxes, including any appreciation of the assets contained in the by-pass trust.
- Charitable gifts during life or at death to provide for immediate income tax savings and for reduction of the taxable estate at death.
- Joint Revocable Trusts which, if certain provisions are included, can reduce the payment of estate taxes upon the death of both the first and second spouse to die.
- Grantor Retained Interests, which are irrevocable trusts into which the grantor places assets and retains income or the use of property for a fixed period of years. By doing so, the grantor makes a current gift of the right to trust assets to a remainderman at a specified date in the future. If the grantor survives the term selected, significant tax and other transfer cost reductions can be realized.
- Section 2503(b), 2503(c) and Uniform Gifts to Minors. These are methods for making gifts to minors in trust and obtain the annual gift tax exclusion.
- A Life Insurance Trust, if it is irrevocable and contains certain provisions, can provide for life insurance proceeds at the death of the settlor which are not included in the settlor's estate.
We're available to help with all of your personal investments.
For more information, contact our Trust Department:
Brian Schneider Senior Vice President
Director of Wealth Services
Drew Linder, CFA
Senior Vice President
Jeannie M. Wakefield, CTFA
Jill Rowland, CFP®
Assistant Vice-President and Personal Trust Officer
Sonya Hall, JD
Cheryl Craig, CISP