Personal Trusts
When choosing a trustee, co-trustee or successor trustee, it is important to keep in mind that your trustee must be ready to serve when called upon. Choosing a professional, such as Founders Bank & Trust, rather than a relative or friend, means that there will be continuity of service throughout the years. You will have the peace of mind that the trust will receive the proper attention it requires. A trustee has full responsibility for impartially administering the trust and managing the assets according to the trust agreement and tax codes.
Serving as Trustee is not a simple task. There are numerous duties and responsibilities required of a trustee:
- Consolidate and hold the trust property;
- Invest the trust assets;
- Keep records of trust transactions;
- Make decisions in accordance with tax and fiduciary laws;
- Distribute the trust income and/or principal to the beneficiaries as required by the trust agreement;
- Provide statements of account transactions, valuations, and tax reports to the beneficiaries;
- Answer questions from beneficiaries and explain thoroughly how the trust operates.
A good trustee must be competent and experienced in all of these duties. Founders Bank & Trust not only has the expertise and reliability to effectively serve as trustee, but also the sensitivity to take special care of you and your family.
People in our community are increasingly turning to us for high-quality local trust services. You may rest assured that we do commit to serving you and your family with the highest degree of professionalism, confidentiality, sensitivity, and loyalty. Please consult with your attorney in all trust matters. May we schedule a meeting soon?
Please refer to our Trust Frequently Asked Questions (FAQ's) section of our website for more details and definitions. Then, to learn more about the advantages of a relationship with our Trust Department, please contact us today.
Products are not insured by FDIC, they are not deposits or other obligations of the institution and are not guaranteed by the institution and are subject to investment risks, including possible loss of the principal invested
