Put Your “Trust” In Us!
What happens to your wealth and assets when you die? Will your family be provided for?
Answering these questions, though often difficult, is the specialty of our Trust Department. Led by Kathleen L. Balvanz, CFP® and Trust Officer, our trust professionals can help you answer the tough questions and provide peace of mind for you and your loved ones.
Benefits of Naming Us as a Trustee
A trustee is more than a name on paper. They must administer a trust according to its terms, communicate with beneficiaries, stay on top of detailed accounting and reports, have fiduciary tax returns prepared and establish investment objectives.
As your trustee, you can rest knowing that we have the skills necessary to administer your assets properly. Our team:
- Has experience and technical & administrative expertise
- Uses objectivity and sensitivity in carrying out the provisions of your trust
- Is committed to understanding you and what you are passionate about
- Provides personal service on a local level that you can depend on
Who are trusts for?
All types or people can benefit from establishing a trust. They are ideal for those who want:
- Active asset management from a professional both during their lifetime and in death
- To ensure their will is administered as orderly and efficiently as possible following death
- To benefit a favorite charity, organization, church or school
- To provide financially for family members
Creating a Trust in 7 Steps
- Find an attorney who has experience in estate planning.
- Discuss your options with your attorney and your tax advisor. Together, they can help you determine which type of trust is most beneficial for your needs and tax minimization.
- Identify the source of funding for your trust. Determine which bank accounts, real estate or investments* will be a part of your trust, and then change the legal title of your assets from your name to the name of your trust.
- Determine your lifetime management needs. Be sure to take into account income needs, growth and risk tolerance as you decide how you want your assets managed throughout your life.
- Select beneficiaries. Who will your trust benefit? Now is the time to choose the people, charities or organizations your trust will be distributed to and when distributions will be made.
- Find a trustee. This is a crucial step, as your trustee is in charge of the administration of your trust and ensuring your wishes are carried out as you have set them. Making Hardin County Savings Bank your trustee ensures professional management of your trust. Naming a successor trustee is also crucial in case your primary trustee resigns.
- Create your trust agreement. After your attorney drafts your trust agreement, give a copy to both your trustee and successor trustee. Your trust agreement should include the following:
- Your trustee and successor trustee
- Investment powers granted to said trustee
- Instructions for payment of the income and principal
- Any additional responsibilities to be followed by the trustee
- The terms under how the trust agreement may be amended or revoked.
Get in touch with Kathy and our Trust Department by calling 641-939-3407 to start the trust planning process today!
*Investment and insurance products are not FDIC insured, not a deposit, not insured by any Federal Government Agency, not guaranteed by the bank (or Federal Savings Association), may go down in value.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.