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Estate & Trusts

Estate planning can be a fairly simple process in many cases. However, your financial situation, family dynamics and/or charitable preferences may require considerably more thought and involve a team of experts. We’ll be more than happy to work with your attorney, accountant and other advisors to design a plan that smoothly transfers your estate in accordance with your wishes. As executor of your estate, we can effectively administer your estate in strict accordance with the terms of your will. Additionally, as a corporate trustee of your trust agreement, we will provide impartial, professional administration of the trust assets for the benefit of each and every trust beneficiary.

A trust is a legal document (trust agreement) created by a person (grantor) that gives a person (trustee) the power to control certain assets listed in the trust agreement for the benefit of a person (beneficiary). There are essentially two types of trusts, revocable and irrevocable.

  • Revocable Trusts – Also known as a “Revocable Living Trust” or “Simple Living Trust,” these are established by a grantor, while living, who can revoke the trust at any time or make changes through amendments to the trust agreement.  Revocable trusts are very useful for long-range planning for mental incapacity and protecting the privacy of your property and beneficiaries. Most revocable trusts contain clauses to provide for a substitute trustee (often a corporate fiduciary, such as a bank) in the event of mental incapacity and, typically, become irrevocable upon the grantor’s death.
  • Irrevocable Trusts – With an irrevocable trust, the grantor gives up control of the assets placed into trust and the trust cannot be revoked or amended.  However, irrevocable trusts enjoy significant advantages over revocable trust in the form of creditor protection and estate taxes.  Irrevocable trusts can take on many forms, such as Life Insurance Trusts, Charitable Trusts, Court Appointed Trusts.

Certain investment products, including stocks, bonds, mutual funds and exchange traded funds (ETFs) are not FDIC insured. They are not an obligation or deposit of, nor guaranteed by, SouthWest Bank. These products may involve investment risk and may lose value.

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