For over 50 years, our Trust Department has been helping individuals plan for the future. We offer a wide array of services that help you achieve all your financial goals. We are here to help you ask the right questions and make the best decisions, and to develop a brighter financial future for your family, your business interests, and your money.
TRUST & ESTATE SERVICES
Trusts — legal documents that are beneficial planning tools—can help you attain many different financial goals. You can provide for your family in case you become physically or mentally incapacitated, with care continuing also after death; minimize the tax burden faced by your heirs; provide for beneficiaries with special needs; benefit your favorite charitable organization with tax and income benefits; and more.
Some of the types of accounts our Trust Department provides includes:
- Revocable Living Trusts — which allow you to retain complete control over your assets until you direct otherwise or become disabled or incapacitated, as stated in your trust agreement.
- Testamentary Trusts — which are established in your will and become effective upon your death.
- Charitable Remainder Trusts — which enable you to take a current tax deduction for a gift to a charity, while retaining a stream of income to you or your designee. At the termination of the trust, the gift is owned outright by the charity.
- Guardianship Trusts — for minors and those incompetent to manage their own estates.
Estate administration is the foundation for ensuring that your estate is handled in the way you expect. When appointed executor or administrator of an estate, we carefully follow the instructions in the decedent’s will or applicable provisions under the probate code. Major responsibilities include:
- Preparing an inventory of assets
- Valuing assets
- Paying taxes
- Reporting to the court
- Distributing property to the legal heirs
Guardianship accounts are often established when a minor or incapacitated person is unable to manage their own estate. As guardian of the estate, our Trust Department:
- Prepares an inventory of the estate and values the assets
- Manages the portfolio in the best interests of the beneficiary
- Makes periodic reports to the court
Retirement plans let you take care of business by taking care of your employees.
Our Trust Department has the capabilities to:
- Develop and manage both qualified and nonqualified benefit plans that meet company and employee goals and objectives:
- 401(k) Plans
- Profit-sharing Plans
- Individual Retirement Accounts
- Serve as corporate trustee of the plan
- Meet with and explain benefits to employees
- Maintain the plan as required by law
- Assist in tax and regulatory reporting
- Maintain tax and ERISA qualification
Agency Accounts , an arrangement under which we provide limited financial services and recordkeeping, can be established in one of two ways:
- Custodial agent, where First National Bank will safekeep assets, collect income, make distributions, maintain transaction records, and send reports to the client in an easy to understand format.
- Managing Investment Agent, where we will perform all custodial services in addition to making investments in the best interest of the client or at the direction of the client.
Investment Services are available to Trust clients to meet both personal and business financial objectives. Examples of our services include:
- Investment management
- Availability of professional investment advisors
- Roll-over IRA’s, managed and self-directed
For more information call our Trust Department at (936) 294-8036, or fax us at (936) 291-8366.