Establishing a trust provides for the efficient management of your assets during your lifetime, and for the effective transfer to your heirs thereafter.
The Living Trust is one of the most valuable financial/estate planning methods available today. The agreement is amendable to reflect your current wishes, and provides standby protection should you become seriously ill as well as experienced asset management for your family thereafter .
Trust Under Will
The Will has been described as the cornerstone of your estate plan. The Trust you establish under your Will or Testamentary Trust is a key building block of your estate plan. You may appoint Peoples Bank as Trustee under your Will to hold and manage all forms of financial assets for the benefit of your family. This is an attractive way to provide investment knowledge and experience for a beneficiary who might not be well-versed in money matters.
Life Insurance Trust
Instead of having your life insurance proceeds paid outright to your spouse, children or others you wish to protect, under a Life Insurance Trust arrangement you can have these funds paid direct to Peoples Bank as Trustee. We as Trustee will handle everything, relieving your heirs of all the details, burdens and responsibilities of collecting the insurance, investing it and managing your funds according to your instructions in the trust agreement.
Estate Planning and Administration
One of the most important decisions you will ever make is who you select for the task of settling your estate. Estate Planning is a process that helps you determine how and by whom your assets will be managed, when and how your assets will be distributed, and how to limit the tax consequences impacting your estate. The Executor or Personal Representative you name in your Will is your successor and bears the responsibility for carrying out the instructions contained in the Will. The general duties of the Executor are to collect your assets, pay your debts including personal and inheritance taxes, and distribute the balance to your heirs. Peoples Bank’s professionals are trained and experienced to administer estates .
Peoples Bank can serve as the court-appointed Guardian of the Estate for an adult or minor child. Through incapacity, personal injury, a child with special needs or the absence of a trust, Peoples Bank provides the security of continuing service to protect the financial interests of the individual.
How To Open
Please contact one of our experienced Wealth Management Officers.
NOT A DEPOSIT | NOT FDIC INSURED | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT GUARANTEED BY THE BANK | MAY GO DOWN IN VALUE.