Types of Trusts

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.

If you need more information about these or would like to inquire about our services, please contact Michelle or Laura at 765-732-3022.

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

For more information, please call Michelle or Laura at 765-732-3022 or 800-463-7464 at Bath State Bank.