A trust is a relationship whereby property/assets are held by one party for the benefit of another. A trust is typically created by a settlor, or trustor, who transfers some or all of his/her property to a trustee, who holds that trust’s property and/or assets for the benefit of the beneficiaries.
This relationship is governed by the terms of a trust agreement. The trust agreement directs the trustee on what to do with the trust assets, both during a grantor’s lifetime and upon their death.
Trusts can be used as a planning tool to preserve family relationships, attain personal financial goals, protect assets and ensure tax savings.
Typical types of trusts are:
- Revocable Living Trusts
- Irrevocable Living Trusts
- Testamentary Trusts
- Life Insurance Trusts
- Special Needs Trusts
- Self-Directed Retirement Account
- Conservator Accounts
Customers who are curious as to whether a trust is the right tool to manage their wealth, or are interested in beginning the trust process, should contact our Trust Officer, Brian Judy.
Phone: (308) 632-3989
Email: bjudy at valleybankne dot com