Trusts & Estates
A living trust enables you to maintain control over your assets while you are living, and specify exactly how those assets are to be distributed upon your death. It provides reliable, professional management of your assets, in accordance with your wishes, should you become physically or mentally incapacitated. Assets held in trust are not subject to the delays of probate court. They are distributed as soon as possible following your death. Furthermore, the details of a trust remain private, while a will is a public document.
A testamentary trust is established under the provisions of your will. The actual trust relationship is implemented only after your death, for the purpose of executing the distribution of your assets, as instructed in the will.
Irrevocable Life Insurance Trust
For people who have wealth tied up in non-liquid assets, such as real estate, an irrevocable life insurance trust provides non-taxable funds that can become quickly available to meet immediate estate needs.
The establishment of a charitable trust provides a means of ensuring the fulfillment of your philanthropic wishes. The initial contribution to the trust, often highly appreciated stock, can be claimed as a charitable contribution. The trust can sell the stock with no tax implications and diversify the proceeds among other assets. A Charitable Remainder Trust provides income to you during your lifetime, and the remainder passes to one or more designated charities upon your death. Other types of charitable trusts are available as well.
Special Needs Trust
A special needs trust can help provide supplemental financial support for a disabled person without jeopardizing qualification for government assistance. Such trusts can provide for a variety of vocational and recreational services, supporting the individual's dignity and improving his or her quality of life.
Being named the executor or personal representative of an estate is not an honor – it is a job, and one that a bank trust department is uniquely qualified to perform so that your estate can be administered efficiently, promptly, economically and fairly.
For more information contact our Trust Services Department: 651.351.3760
Products and services offered through the Trust Services Department of First State Bank and Trust:
not FDIC insured - no bank guarantee - may lose value - not insured by any government agency - not a deposit or other form of obligation of the bank