Trust
Relationships
Peace of mind, personal attention and financial strength. At Bank
of Pontiac, we know how important these issues are when you're considering
a trust relationship, and we understand the importance of building
and protecting your finances for yourself and your loved ones. Our
trust professionals can help you navigate through what can seem to
be a complicated process, ensuring your wishes are carried out thoughtfully
and expeditiously.
Below, you will find a brief description of some of the capacities
used in providing trust services.
Types of Trusts
Revocable Living Trust
Trusts created during the lifetime of the grantor are called living
trusts. Assets may be added to or removed from the revocable living
trust and you may alter or revoke the trust at any time during your
lifetime. As trustee, Bank of Pontiac would manage the assets per
the trust agreement. You may also act as your own trustee, but name
the Bank of Pontiac as successor trustee in the event of incapacity,
death or resignation.
Testamentary Trust
A trust created by a provision in a will. Property is held and
managed for
the named beneficiaries. A testamentary trust can provide asset
protection and
investment management services for the beneficiaries.
Related Trust Services
Personal Agency Account
A custodial agency account in which the bank is named as agent under a legal
document, known as an agency agreement. The title to property does not pass
to the bank. Bank of Pontiac, as agent, provides custodial safekeeping, bill
paying and income collection services with complete and accurate reporting
of all account transactions.
Investment Management Agency Account
In an Investment Management Agency Account, Bank of Pontiac is named
as agent with full investment management authority. You will complete
an investment profile to assist the agent in defining and realizing
your investment objectives. Bank of Pontiac will provide a periodic
review and report of all account transactions for income tax purposes.
As with the custodial agency, title does not pass to the agent.
Agent for Trustee or Executor
Bank of Pontiac, as agent, will handle estate and/or trust matters
under guidelines of the will or trust document, handle all record
keeping and reporting and the other responsibilities of the fiduciary.
Guardianship
Bank of Pontiac will serve as guardian of the estate of a minor or disabled
adult, upon court appointment. The bank's role as guardian is limited to property
only; we do not serve as guardian of the person. The bank as guardian of the
estate is required to file accountings for court approval and must adhere to
strict investment standards to preserve the property of the protected individual.
The guardianship account terminates upon the recovery or death of the protected
person or, in the case of a minor, when the individual reaches the age of 18
(in Illinois).
Estates
When Bank of Pontiac is named executor in a will, we are entrusted
with gathering estate assets and information relative to determining
the debts and claims
against the estate. The bank, as executor, manages the estate during settlement
and works in conjunction with the attorney and accountant to determine any
tax liability prior to distribution of estate assets. An accounting is filed
with the court prior to the bank being discharged as executor.
Real Estate Exchange Trust Bank of Pontiac can act as trustee for a 1031 Starker Exchange
Trust. The bank acts as an intermediary and does not offer legal
or tax advice on this or any matter, but will work with your attorney
and accountant to ensure the process is carried out in accordance
with the Internal Revenue Code.
Farm Management
Bank
of Pontiac’s Professional Farm Management Program is
tailored to landowners who are not involved in the hands-on farming
operation. We serve as farm asset manager and represent landowners
to help them meet their goals and objectives. We have adopted a
hands-on approach to farm management, emphasizing stewardship,
production, marketing, accounting and communication. |
