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Personal Trust Services
Trusts combine investment management services with additional financial and estate planning tools. They are generally used to protect assets, provide for individual and family security and to reduce taxes. Trusts provide a predetermined plan for the management and orderly distribution of assets to your beneficiaries.
Simply stated, a trust is an arrangement whereby an individual designates a trustee (such as American National Bank) to manage certain assets and fulfill specific obligations. The grantor of the trust may also be the beneficiary or can designate another, such as a spouse, parent, child or charitable organization.
A trust generally continues uninterrupted after death. Assets in a trust avoid the potential costly review by the court known as probate. Your beneficiaries can have immediate access to funds and confidence that the assets are managed by a trusted representative.
American National Bank Trust can help you examine your current financial needs and future investment objectives, paying close attention to your tolerance for risk. Our experienced trust administrators then will offer suggestions to help you meet your goals, and work with you to determine the most appropriate type of trust for your situation.
Your trust can be executed by a simple American National Bank Trust document, or we can provide you with a list of accountants and attorneys who will assist you in drafting your trust agreement to meet your specific needs.
We look forward to the opportunity to helping you achieve your financial and estate planning goals.
TRUST OBJECTIVES
- Reduce estate taxes and preserve wealth
- Utilize tax credits available to you, your estate, and your beneficiaries
- Minimize the cost of probate
- Maintain your privacy and minimize court involvement
- Preserve and grow the assets available for you and your beneficiaries
- Control when and how your assets will be distributed
- Designate the individuals and/or charitable organizations to receive your assets
- Ensure continued professional asset management in case of your incapacity
- Provide health care and financial support for elderly or disabled family members
- Provide for your favorite charities through planned giving
BENEFITS
- Personal attention from a dedicated trust administrator
- Peace of mind knowing you have a trusted advisor to assist you and your family with your financial and estate planning needs
- Professional investment management
- Privacy - your trust maintains complete confidentiality
- Personal financial services such as recordkeeping and bill paying
- Freedom from day-to-day worries about financial responsibilities
- Non-Traditional asset management, including farm, ranch and other real estate, closely-held business interests, and mineral interests
- Management of assets during periods of disability or incapacity
- Minimized federal estate tax liability
- Reduced estate transfer costs and settlement delays
- Avoid public probate process
TYPES OF TRUSTS
FREQUENTLY ASKED QUESTIONS
Q: What is a trust?
A: A trust is a legal arrangement in which property is transferred to a trustee to hold and manage for the benefit of another. The terms of the trust are governed by a written document executed by the creator of the trust when the trust is established.Q: What is the function of a trustee?
A: A trustee, either individual or corporate, is responsible for administering the trust and investing the assets held in trust. Q: Will American National Bank serve as a co-trustee?
A: Yes, American National Bank can serve as co-trustee with a trust grantor, heir, or even another appointed individual or corporate trustee. Q: Will American National Bank draft my trust document?
A: No, American National Bank does not prepare trust documents. However, we can introduce you to experienced trust and estate-planning professionals who will help you create your trust. Q: Will American National Bank prepare my trust account's tax return?
A: No, American National Bank does not prepare trust account tax returns. Rather, we work with outside certified public accounts who are experienced with trust tax issues. Q: Why should I select a corporate trustee?
A: The legal requirements of trust management can be difficult and time consuming and need to be administered by experienced professionals. Improper administration by an inexperienced individual can lead to conflicts, unnecessary expenses and even personal liability. Unlike individuals, corporate trustees never die or become incapacitated. The act of appointing a corporate fiduciary helps to ensure proper and prudent trust administration.
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