1ST SUMMIT BANK's Trust Department offers fiduciary services in which we will assist you with your financial matters. These fiduciary services include:
A Will is often said to be the cornerstone of any estate plan. Creating a Will allows you to give what you have to whom you want, when you want. Guardians may be named in your Will to raise your minor children and also for asset protection. You are able to put language in your Will to protect your heirs from themselves. Their inheritance could be paid out to them over a period of time, instead of one lump payment.
Without a Will, the Court will assign an Administrator to handle your estate. In addition, your assets will be distributed according to a set of laws developed by the Commonwealth of Pennsylvania. Maintain control of your family legacy by having a Will drafted.
Naming the Bank as your Executor and/or Trustee allows your family the emotional healing time they need, without being overwhelmed by settling your estate. When family dynamics exist, the Bank can help maintain family harmony.
This document gives direction on handling finances if a person becomes incapacitated or when he/she passes away. The Revocable Trust is established and should be funded during your lifetime. You retain as much control as desired (the Bank may act as trustee or successor trustee.)
- In the event of incapacity, Trust Department provides bill paying services to ensure timely payment.
- Professional management of assets – Fiduciary law may require moving money from a 1ST SUMMIT BANK deposit to another bank due to competitive interest rates.
- Avoidance of probate – saves executor & attorney fees and unwanted publicity.
In this document a person directs who inherits what, when and how much. It may be funded by a person while they are living or created after he/she passes away (written in Will or Revocable Trust call Testamentary Trust). If you fund an irrevocable trust while living you will lose control of assets.
This is an ideal choice for beneficiaries who are; minor children, have difficulty handling money, or have disabilities. The Irrevocable Trust is also beneficial if you looking for a way to give to charities or lower your federal estate tax? If you are in a second marriage, an irrevocable trust may provide for the surviving spouse, and then identifies who receives the property after the surviving spouse passes away.
Power of Attorney
A durable power of attorney (DPOA) can help protect your property in the event you become physically unable or mentally incompetent to handle financial matters. A DPOA allows you to authorize someone else to act on your behalf, so he or she can do things like pay everyday expenses, collect benefits, watch over your investments, and file taxes.
You could avoid potential financial headaches by naming the Bank as your agent, and your financial affairs will be handled with the highest level of accountability and professionalism.
1ST SUMMIT BANK’S Trust Department understands that there are many circumstances that a person must plan for when managing their assets or passing them to a beneficiaries. Contact us to discuss how we can help you to plan appropriately.
These products are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.