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One of the most important decisions you will ever make is who you select for the task of settling your estate. It is essential to 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. Peoples Bank can also serve as trustee, guardian or personal representative to ensure that your plan is implemented in a professional and unbiased manner.
Living Trust
A revocable living trust (personal trust) is a legal agreement by which you transfer ownership of your property into a trust. You are the creator of the trust and you can change the trust's provisions at any time during your life. You can act as your own trustee, or you can appoint a professional corporate trustee. The trustee has the responsibility to manage, administer and distribute the assets titled in the trust in accordance with the provisions in the trust. There are many ways that a revocable living trust can benefit you during your lifetime as well as beyond it. You can assure that your estate will be managed to your specifications.
Trust Under Will
The Will has been described as the cornerstone of an 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. By appointing Peoples Bank as the trustee, we can provide an unbiased and professional administration of a trust while keeping within the grantor's wishes.
Estates
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.
Guardianship
Peoples Bank can serve as the court-appointed Guardian of the Estate for an adult or minor child. Through incapacity, personal injury, or the absence of a trust, Peoples Bank provides the security of continuing service to protect the financial interests of the individual.
Examples include:
- Minors or disabled adults receiving proceeds from a personal injury or wrongful death lawsuit
- Minors receiving funds form a parent's estate due to death
- Adults who lack capacity to manage their financial affairs
NOT A DEPOSIT | NOT FDIC INSURED | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT GUARANTEED BY THE BANK | MAY GO DOWN IN VALUE.
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