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Established while you are living, we will manage your assets for you during your lifetime. At your death these assets pass to your beneficiaries without the delays, expenses and publicity of probate.
If you are planning to use life insurance as wealth replacement, this trust provides liquidity to pay estate tax and settlement costs, as well as financial support for family members.
As part of your Will, this trust ensures that your wishes with regard to your assets are fulfilled long-term. We will invest your assets to provide continuing income for your beneficiaries after your death.
If you are interested in contributing your assets to a charitable organization, our services include development of written guidelines, administration of the trust and any endowment, as well as record-keeping, reporting and distributions from the trust.
A trust is an arrangement in which you transfer assets to a legal entity, the trust, created by a separate agreement. The trust will be administered by a trustee (a trust institution such as First Bank Richmond or an individual) for a beneficiary (yourself or another person).
With a trust you will not only draw on our broad investment capabilities, but also arrange to have us perform any number of special services, now or in the future. These personalized services can even include providing full personal financial management in the event you suffer an incapacitating illness. Also, with a trust, you can name one or more beneficiaries to receive your assets at your death and avoid probate. Or, you can have your trust continue beyond your lifetime, serving as a source of continuing income and support for your spouse, a child or others whom you designate.
No. You should start by discussing your financial and investment goals with us and with your attorney. Your attorney can prepare your trust agreement or you can use our form trust agreement document. You sign the trust agreement as creator of the trust, and we sign to indicate acceptance of the responsibilities that you give us as trustee. You deliver the money and/or the securities that you wish to place in the trust. It is that simple.
No. You do not have to give up control when you create a Revocable Living Trust. You keep as much control as you want. Typically, the creator of a Living Trust stays in control by retaining the power to do one of the following:
When someone dies, his or her will must be probated and proven valid. The process of settling an estate controlled by a will is referred to as “going through probate”. Because a Living Trust is a separate legal entity, assets that have been placed in the trust are not subject to probate when the creator of the trust dies. As a result, the directions contained in the trust agreement can be carried out without undue delays. Also, the terms of the Living Trust Agreement will remain private, unlike the terms of a person’s will which becomes public record once the will is probated.
Many people still mistakenly believe that trusts are only for the very wealthy. Here at First Bank Richmond, the majority of our customers do not classify themselves as wealthy, they do not have multi-million dollar trusts. Whether you just sold your business for a great deal of money, need to safeguard a retirement nest egg, or need assistance with your investments, you should consider our services.