Do you want to protect and enhance your wealth for your own benefit or the benefit of those that you care about? Farmers Savings Bank & Trust offers Trust Services to help you plan for the future by managing, growing, and protecting assets and carrying out your personal wishes for the administration and disbursement of these assets. We offer several financial planning programs in our Trust Department:
Trust Administration - An arrangement in which a trustee, personal representative, power of attorney, conservator, or agent manages assets for the benefit of individual(s) or a charitable organization.
Who can benefit:
Persons who need or require assistance managing financial affairs,
those who want to keep family assets intact for future generations,
families who want to reduce exposure to estate and inheritance taxes, and
people wishing to gift assets to a charitable organization.
Examples of trust services:
Testamentary trust - established by the will of a deceased person with instructions directing fiduciary administration in accordance with their wishes, with a potentially flexible plan for beneficiary needs.
Charitable trust/foundation - created for the benefit of charitable organizations, such as the Traer Community Foundation and Vinton Community Foundation, with potential tax benefits to the donors.
Life insurance trust - when established, one may continue to retain previous policy rights such as borrowing or conversion. At death, insurance benefits are administered similarly to a testamentary trust.
Personal representative - established by will to collect, manage, maintain, and protect an estate during the settlement period according to the deceased's wishes with final distribution to named beneficiaries after complete administration.
Power of attorney - established by a competent individual requesting specific financial assistance with no court reporting, having the ability to modify or revoke the designation at any time while competent.
Conservator - established for the benefit of a person being a minor, incompetent, or competent with duties similar to a power of attorney, but with court reporting.
Agency - established to assume responsibility for certain specified duties regarding business or individual investments such as safekeeping, or asset management, established by an agency agreement with the ability to terminate at any time by written notice. Additional assets may be added or assets may be withdrawn at any time.
Examples of agency accounts include:
Custodian Account - this arrangement provides complete administrative and custodial service that does not include investment management or advice. We provide all accounting, recordkeeping, safekeeping, and income collection duties for the investments.
Investment Management (discretionary) - this type of agency account offers investment advice in addition to the services of a custodial account. Investment decisions are transferred to us under the investment goal guidelines previously established in the agency agreement.
Investment Management (non-discretionary) - this financial services arrangement provides all the same services as the discretionary account but you retain all decision-making regarding the purchasing and sale of account assets.
Estate Planning - Involves coordination between the professional resources relied upon for guidance during a lifetime. The coordination includes financial and tax guidance, properly written individual wishes, and the naming of fiduciary administration. Effective estate planning would include legal, accounting, and banking assistance.
Who can benefit:
People who desire professional assistance to manage and protect property,
persons arranging the assurance of proper fiduciary administration, and
people who seek to minimize the impact of estate and inheritance taxes
The FSB Trust Department is experienced with the implementation and administration of trusts, estates, powers of attorney, conservatorships, and money management agency services. We pride ourselves in providing competent, unbiased, and timely fiduciary services for each appointed responsibility. Ask for Rick in our Trust Department at (319) 478-2148 or Therese at (319) 472-2373 to learn how fiduciary services are administered.