What is a Trust?
A Trust is a legal arrangement where one party (the Trustee) manages assets on behalf of another (the Beneficiaries). Trusts are often used to:
- Ensure assets are distributed according to your wishes
- Avoid probate court
- Provide privacy for your estate
- Protect wealth for future generations
- Plan for incapacity or long-term care
- Unlike a will, which takes effect after death and goes through probate, a Trust can go into effect immediately and continue to function as long as you choose.
Why Establish a Trust?
Setting up a Trust offers specific benefits like:
- Control and Flexibility – You decide how, when, and to whom distributions are made.
- Privacy – Trust arrangements remain private, unlike wills that become public record.
- Asset Management – A Trustee ensures accounts, CDs, and savings are properly managed.
- Legacy Protection – Trusts can help shield assets for children, grandchildren, or charitable causes.
Types of Trusts We Offer
Revocable or Living Trusts
Can be changed or revoked during your lifetime.
- You maintain control of your assets while living.
- Often used to simplify estate administration and avoid probate.
Irrevocable Trusts
- Cannot be changed or revoked once established.
- May provide tax advantages and asset protection.
- Useful for Medicaid planning, charitable giving, or protecting wealth from creditors.
What Assets Can Be Placed in a Trust?
We can help structure trusts to hold a variety of deposit accounts and other financial instruments, including:
- Checking Accounts
- Savings Accounts
- Certificates of Deposit (CDs)
- Other approved investment and deposit products
What’s Your ONE?
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