Most of you are familiar with the deposit- and loan-related services banks offer. Banks with trust departments offer additional services which can benefit you, both during your lifetime and after your death, including a variety of investment, asset management and record-keeping services. If you see yourself or a family member in any of the following scenarios, consider visiting a trust department about the services or solutions they offer.
Investment Management
You are busy with work or traveling and don’t have the time to watch your investments. You are unsure about how to invest to meet your current or future financial needs.
Bill Paying and Asset Management
You will be away from home for an extended period of time and need someone to take care of your banking. You can no longer go to the bank. It is difficult to write checks or to keep track of what you have saved or invested.
Impartial and Experienced Executors and Trustees
Your will designates an executor to gather and distribute your assets. You may be better served designating a trust department to do this instead of an individual. Trust departments have the requisite experience and are not going to die or move away. They can be impartial third-parties, which preserves family harmony.
Your estate plan may include a trust that serves you during your lifetime or provides for your spouse and family members after your death. You may have designated yourself or another individual to act as the trustee. Consider designating a trust department to act as trustee if you become unable to act, as they are experienced in handling all investment and reporting responsibilities.
Retirement Plan Services
You are a business owner wanting to establish a retirement savings program for you and your employees. A trust department can assist with plan design, administration, participant record keeping and the investment of plan assets.
IRA Management
You need help in implementing an investment strategy for your IRA that best suits your current and long-term needs.
There has been a dramatic increase in inquiries from the following groups of individuals about the financial and asset management services offered at trust departments:
• Retirees who want to make sure their assets last throughout their retirement years or others merely
planning for their retirement.
• Seniors concerned about how to protect and preserve what they have worked to save and
accumulate.
• Seniors needing assistance with their banking and bill paying.
If you see yourself or a family member in any of these situations, contact a trust department about their ability to assist you. Because they deal with these issues daily, they are likely to have suggestions or solutions.
Select the trust department which can best respond to your needs after reviewing the experience of their staff, whether the relationship will be administered locally, fees and costs, their investment philosophy and current and historic investment performance. IBI