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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 will then 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.
A trust is a legal arrangement where a trustee holds and manages assets for the benefit of one or more beneficiaries. The trustee follows the terms specified in the trust document. The grantor of the trust may also be the beneficiary or can designate another, such as a spouse, parent, child or charitable organization.
A will outlines the dealings of asset distribution after death and goes through probate. A trust is active during and after the grantor’s life and skips probate for privacy, and allows ongoing asset management.
Common types of personal trusts include revocable and irrevocable trusts, living trusts, testamentary trusts, and special needs trusts. Each type of trust serves a different and specific purpose, such as asset protection, estate planning, or providing for specific needs.
Trusts offer various benefits, such as avoiding probate, protection of your assets, ensure privacy, and provide a seamless transfer of assets to listed beneficiaries.
A personal trust generally continues uninterrupted after death. Assets in a trust avoid the potentially costly review by the court known as probate. Trust generally protects your privacy in ways the probate system is not designed to do. Your beneficiaries can have immediate access to funds with confidence that the assets are managed by a trusted representative.
The cost and maintenance of a personal trust can vary based on factors such as complexity, legal fees, and administrative expenses. To better understand the costs associated with a trust, we advise you to speak with one of our experienced financial advisors at one of our branches throughout North Texas.
Not FDIC Insured
May loose value – No bank guarantee.