The Benefits of a Trust
Trusts can provide protection and management of assets now and after your death, which is important for you in the event you become incapacitated or if your beneficiaries are inexperienced or unable to handle an inheritance.
Set up under your will and would be funded at death for your beneficiaries. This trust is often used to protect minors or those beneficiaries who cannot manage an inheritance. You will specify how the trust funds will be used and name a Trustee to manage the trust after your death.
Revocable Living Trust
Created during your lifetime and assets are re-titled in the trust name. As “trustee” you retain control over the assets and upon death they pass to the trust beneficiaries without probate. Your living trust can be designed to continue after your death for beneficiaries who may require asset protection but need a stream of income.
You will name a successor trustee to step in at your death. Another benefit of the living trust is that you can include a standby provision that allows your successor trustee to step in at incapacity to manage your assets, eliminating the need for a court appointed guardian.
Naming a Qualified Trustee
The duties and responsibilities of a trustee are to carry out your directions and intentions, to remain impartial treating all beneficiaries fairly, and to provide professional management of the trust assets. With Lakestone Bank & Trust as your trustee you will have the benefit of years of experience and expertise in trust, tax, and investment management from a reliable and regulated community bank. Our services can relieve your family member or friend of the burden and provide you with the assurance that your estate will be distributed properly.
If you own assets in your name only, at your death those assets must first go through probate before they can be distributed to your heirs or beneficiaries. Rather than burdening a family member with this responsibility, you can appoint Lakestone Bank & Trust as the executor or personal representative to provide the following services:
- Petitioning the court to recognize the validity of the will
- Gathering and safeguarding assets
- Paying outstanding obligations
- Filing appropriate documents with the court
- Distributing assets to the beneficiaries of the will
Not FDIC Insured • No Bank Guarantee • May Lose Value • Not a deposit • Not insured by any Federal government agency.