Personal Trust Services
A trust is an agreement that determines how a person's property is to be managed and distributed during his or her lifetime, and, just as importantly, upon death. A trust goes a step beyond filing a will and is a key piece toward defining your future. Citizens Bank & Trust Wealth Management has over 50 years of experience in confidentially managing trust accounts.
The Citizens Wealth Management team is ready to handle all aspects of your trust administration and the fiduciary responsibilities associated with any trust account.
Fiduciary services included:
- Administering and adhering to terms of trust agreement
- Maintaining detailed accounting records
- Distributing income to beneficiaries
- Determining cash flow requirements and living expenses
- Paying bills and making estimated tax payments
- Filing trust income tax returns
- Coordinating with medical, nursing home, or home health care providers
- Promoting family peace and harmony
Once you've determined to establish a trust, you will need to evaluate what you want your trust to achieve.
- How will the assets be managed?
- Who will manage the assets?
- How long will the trust be in effect and under what conditions will it cease to operate?
- Who will be named as beneficiaries?
- Who will serve as the trustee, and successor trustee?
Citizens Bank & Trust professionals will assist in setting up a trust document to handle assets according to your directions. The trust can be simple gathering of assets ( for example: real estate, life insurance, cars, cash) and can create a statement to specify how those assets are to be handled after your death. During your lifetime, you are trustee and can make changes to this document as often as you want with no trust fees involved.
At some point in your lifetime or at the time of your death, Trust personnel will take over your responsibilities as you have directed. The trustee will do what you do now: pay your bills, file your taxes, and arrange for someone to make home repairs. The only exception is medical decisions; Trust personnel deal strictly with physical and monetary assets.
Trust Enforcement and Enactment
After your death, your trust proves its worth as Trust personnel takes care of your estate. This process follows all of your mandates from selling assets to distributing wealth to establishing long term donations.