Trust Services

1ST SUMMIT BANK's Trust Department offers fiduciary services in which we would assist you with your financial matters. These fiduciary services include:

Will 

This document lists the distribution of a person’s estate after he/she passes away. The Trust Department provides professional estate settlement services. This helps to avoid conflict of interest in the family and eases the burden of a family member when they do not have to handle the affairs.

 

Revocable Trust

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.

 

Irrevocable Trust

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.

 

Financial Power of Attorney

This is a document which gives direction how to handle finances if a person becomes incapacitated. A married couple may have to go through guardianship proceedings if they do not have this document. The Bank will pay bills and manage finances, but will not make any medical decisions.

 

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.