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Trust Services A trust is an arrangement whereby you transfer legal title of specified property to a trustee, who manages it on behalf of your beneficiaries according to the provisions you set forth in the trust documents. Properly set up and managed a trust can: Citizens Bank offers several types of trusts and services: Trusts Under Will, which are set up through the provisions of your will, allow you to retain ownership and control over your property during your lifetime. You can change your will and the provisions of the trust as changes in your family's circumstances require. Upon your death, your appointed trustee steps in to manage the assets for the benefit of your heirs. Living Trusts are similar to trusts under will, except that they begin to operate during your lifetime. To create a living trust, you transfer some of your assets or property to your trustee, who manages it for you and your loved ones. Upon death, the trust continues to operate for your beneficiaries, without any legal complications or delay. Living Trusts may be revocable or irrevocable. The former allows you to abolish the trust completely or change its provisions, to withdraw assets or direct their investment. The latter limits your benefits from, and control over, the trust, but can reduce your current income tax, as well as estate tax. Life Insurance Trusts are funded by proceeds from your insurance, which are paid directly to the trustee, who then manages the money for your heirs. Depending on the type of life insurance trust created, you may retain all rights to your insurance, such as the ability to borrow against your policies, to cash in or convert them, or to change your beneficiaries. Custody Services provide assistance with consolidating your existing investments, record keeping, collecting income, and carrying out investment trades. A custody arrangement provides a statement with current asset values and a transaction history to ease the burden of record keeping. Agency Account Services let you direct your financial affairs outlined by a governing document. We can protect your assets, provide investment management, collect income, pay bills, and have income tax returns prepared. Estate Settlement Services name Citizens Bank as the executor or co-executor in your will, providing you with great peace of mind. As opposed to an individual, Citizens National Bank cannot die or become ill. In addition, our experienced staff knows and understands estate settlement procedures, has expertise in legal procedures and investment management. Probably the most important reason to have Citizens Bank Trust Services involved is to avoid disputes that can arise among family members when an individual is settling the estate. The bank acts as an intermediary and distributes the assets as instructed in the will. Corporate Agency Services offer a variety of fiduciary and agency products and services to public and private corporations, and government entities. Put a wealth of experience, skill and priority attention to work for you. Call Citizens Bank to arrange an appointment with a Trust Officer at your convenience?at our place or yours. You'll learn first hand about a unique level of personal service to help you with estate planning. We may be reached at 304-636-4095 or by e-mail: lharris@citizenswv.com. Answer YES to any of the following questions and you may need the assistance of Citizens Trust Services:
In choosing an executor or trustee, you may think first of a spouse or family member. But, in addition to considering whether you want to burden your loved ones with this responsibility, consider Citizens Bank's Trust Services who is: Our full-time trust staff has many years of experience in the financial and legal complexities of estate planning and administration. They'll be here for your family when you're no longer able to be. You do not have to be wealthy to benefit from our trust services. Our fees are reasonable, and we will be pleased to offer a free consultation to discuss your needs and circumstances. Let us hear from you soon. Leesa Harris - lharris@cnbelkins.com |
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