If you are establishing a trust and seeking a trustee, co-trustee or successor trustee,
Hardin County Savings Bank can serve in this position. While it is common to name a family
member or friend as someone who administers your assets, a trustee like HCSB, can offer important advantages.
Technical & administrative expertise
Carry out the provision of your trust with objectivity as well as sensitivity
Commitment to understanding you and what matters most to you
Personal service of local professionals you can rely on
What are trusts used for?
Active management of your assets (during your lifetime and your death)
To complement your will in the orderly and tax efficient administration following death
To benefit a church, school or other charitable purpose
To protect and provide for family members
What does a trustee do?
Administer the trust according to its terms
Communicate regularly with beneficiaries
Provide detailed accounting and reporting
Have fiduciary income tax returns prepared, if needed
Establish an investment objective
The responsibility of “settling an estate” calls for the necessary knowledge, skill and time to handle the demanding requirements. In choosing an executor or trustee, look for:
Experience, training, commitment and qualifications
Full time availability
Unbiased objectivity, along with sympathetic understanding of your needs and wants
Basic Steps to Create a Trust
Your attorney, tax advisor or estate planning professional can guide you through the steps to create a trust.
• Choose an attorney who is experienced with estate planning.
• Consult with your attorney and tax advisor.
These professionals can help you decide what type of trust best meets your needs along with the best way to minimize taxes.
• Fund the Trust.Identify which assets (bank accounts, real estate, investments) you want in your trust. You will need to change the legal title of the assets from your name to that of the trust.
• Lifetime Management Needs. How do you want your assets to be managed during your life? Take into consideration your income needs, growth objectives and tolerance to risk.
• Choose your beneficiaries. Choose the people and/or charities that the trust will benefit and state when the distribution will be made to them.
• Select a trustee. A trustee is the person who will manage the funds in a way that best benefits your beneficiaries. You should also name a successor trustee in case the primary trustee resigns or is unable to complete the administration. Naming the Hardin County Savings Bank as the trustee or successor trustee assures continuity of the administration of your trust.
• Draft the trust agreement.Your attorney will draft your trust agreement. Give a copy to your trustee and your successor trustee. Typically, your trust agreement will state your trustee and successor trustee, investment powers granted to said trustee, instructions for payment of the income and principal, specify any additional responsibilities to be followed by the trustee and includes the terms under how the trust agreement may be amended or revoked.
Certified Financial Planner board of Standards Inc. owns the certification marks CFP®,
CERTIFIED FINANCIAL PLANNERTM
in the U.S.
*Investment and insurance products are not FDIC insured