Trusts
Managing a trust may sound easy for an individual; however, it can be a complex job. Often times, responsibilities include full-time asset management, avoiding conflicts of distributions to specific beneficiaries, and paying monthly bills and/or preparing statements of the account. At Bath State Bank, we offer you — our customer — a comfortable, confidential Trust Service.
If you need these services, you can have peace of mind in knowing that your trusted “friend by the side of the road” can help you handle your needs. Also, we offer our support to help you achieve your goals in the area of estate planning. We understand your concerns about estate taxes, keeping the farm or business in the family, providing for your retirement or unexpected in-home health care, affording stable and adequate income for your spouse, children or grandchildren, along with other matters.
It is important to have a plan in place — regardless of your age, martial status, financial status or health situation. Trusts are not just for the wealthy or the elderly. A trust offers greater protection from creditors, and offers the ability to direct your assets when you are no longer able. Setting up a trust avoids the probate process, which can be costly. Because each individual's needs are unique, we are committed to learning as much as we can about each customer's situation.
Types of Trusts
A trust is a remarkable planning tool that can be used to attain many financial goals. Including one or more trusts in your own personal financial plan could ensure tax savings, asset protection, financial security and preservation of family relationships.
Types of Trust |
Definition |
|---|---|
Revocable living trust |
May be changed or terminated by those who create the trust or by someone else |
Irrevocable trust |
Cannot be terminated by the person who establishes the trust or transfers property to it |
Agency account |
Title remains the property of the owner rather than the trust institution |
Guardianship |
Established to care for the property of an incapacitated person |
Custodial account |
Managed only to safeguard and care for the property |
Retirement account |
Established by employers to provide employees with retirement income |
Self-directed IRA |
Directed by the owner to purchase and hold assets |
Managed IRA |
Directed by the portfolio manager who integrates the IRA into the overall strategy |
Estate Settlement |
Distribution of estate assets to beneficiaries |
Download Bath State Bank's Trust & Planning brochure for more information, or call Michelle or Laura at 765-732-3022.