Trust & Estate Services
Revocable Trusts & Irrevocable Living Trusts
Revocable Living Trusts
A revocable living trust is a very effective way to manage what matters most to you during your lifetime. A revocable living trust can help you by:
- Managing your investments
- Taking care of your family
- Planning for the future
- Creating an estate plan
- Minimizing taxes
Flexibility, control, and management of your assets during your lifetime are very valuable and important aspects of creating and funding a revocable living trust. You may have full access to and control of your assets. As trustee, we provide guidance and expertise in the management of your assets. A revocable living trust can also provide you with peace of mind by knowing that your assets will be taken care of and managed according to your wishes, should you not be able to make those decisions on your own. This type of trust can also help you in the following ways:
- To create an estate plan that is best suited to your wishes
- To protect your privacy upon your passing
- To easily transfer assets to those you have provided; without probate proceedings.
- To minimize estate taxes
- To protect what you have worked hard to earn
The Farmers Bank Investment and Trust Services Division can help you when it comes to taking care of what matters most, by serving as trustee of your revocable living trust.
Irrevocable Trusts
An irrevocable trust can provide many benefits, such as:
- Lessening the tax burden on an estate
- Protecting assets from creditors
- Controlling and/or limiting distributions from the trust to the beneficiaries, after the grantor's passing
A limited and supervised distribution of assets assures that the grantor's wishes are carried out as they had planned. Careful planning and consideration should be used when establishing an irrevocable trust, as it cannot be amended once it has been put into effect.
Charitable Trusts, Testamentary Trusts & Estate Administration
Charitable Trusts
When it comes to planning for charitable giving, a charitable trust can be an extremely beneficial financial tool. A charitable trust can help by:
- Lessening income taxes
- Providing income to the charity or grantor
- Ensuring that your favorite charities receive the assets that you wish
Identifying what matters most is important to you. The Farmers Bank Trust & Asset Management Division can assist in taking care of what matters most.
Testamentary Trusts
A testamentary trust is created as part of a person's will. A testamentary trust does not become effective until a person dies. This type of trust is a set of instructions contained in a will that directs asset distribution upon their passing. Unlike an irrevocable trust, a testamentary trust can be modified while the person is living. However, once the grantor dies, the trust becomes irrevocable.
Testamentary trusts are yet another way that we would be happy to serve as trustee, taking care of your estate planning needs.
Estate Administration
Estate administration can be confusing. Many factors should be considered when choosing an executor for your estate. Some of those factors are:
- The expertise needed to manage your assets
- The proper distribution of your property
- The ability to understand and file estate taxes
- The experience and education needed to abide by the terms of your will or trust plan
- The ability to remain neutral and objective when making potentially emotional decisions
The Farmers Bank Investment and Trust Services Division is highly experienced in all areas of estate administration. We welcome the opportunity to put our experience to work for you.