Trust Planning & Administration

Individuals at all asset levels should consider including a trust as part of their overall estate plan. When you create a trust, you designate a person or institution (a trustee) to hold, invest and distribute the property held by the trust. One of the benefits of a trust is that the terms you set forth remain in place after you pass away, ensuring that your wishes are continued as long as necessary.

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A trust is a legal entity that holds assets for the benefit of another. There are three parties in a trust agreement:

  • Grantor: The individual who creates and funds the trust.
  • Beneficiary: The person who receives the benefits from the trust.
  • Trustee: The individual who administers the trust, and acts in the best interest of the beneficiary.
Why create a trust?
  • Provide for a relative with special needs
  • Transfer interest in a family company to another generation
  • Possibly minimize estate taxes
  • Protect property from financially irresponsible beneficiaries
  • Establish a charitable legacy
  • Coordinate financial support for an elderly relative
  • Finance a child’s education in the event of an untimely death
  • Avoid the trouble, expense and delay of a probate proceeding
Revocable Trusts

A revocable trust, also called a living trust, can be changed at any time. Home Savings will act as your trustee and not as your agent. As your trustee, in the event of incapacity, we take on the responsibility to help keep your financial affairs orderly. We will act on your behalf in paying your bills, distributing income, and protecting your property and investments*.

A revocable trust is perfect for long-range family security planning:

  • Plan for mental disability
  • Avoid probate
  • Protect the privacy of your property and beneficiaries after you die
Irrevocable Trusts
  • An irrevocable trust cannot be changed after the agreement has been signed. A revocable trust becomes irrevocable after the grantor dies.
  • With the typical revocable living trust, it can be designed to break into separate irrevocable trusts for the benefit of a surviving spouse, or into multiple irrevocable lifetime trusts for the benefit of children or other beneficiaries.
  • Irrevocable trusts can take on many forms and be used to accomplish a variety of estate-planning goals including those of a revocable trust.

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