Trusts

What is a trust?

A trust is in simple terms a legal arrangement where one person hires another, the trustee, to manage assets for the benefit of the trust beneficiaries.

What are trusts used for?

Trusts are used for a variety of purposes, including:

• the active management of your assets (during your lifetime and at your death)
• to complement the will in the orderly and tax efficient administration of one's estate following death, or avoid the probate process entirely
• to benefit a church, school or other nonprofit (during your lifetime or at your death)
• to protect and provide for family members

What does a trustee do?

The trustee is responsible for all aspects of the trust administration process including the active management of the trust assets, the distribution of income and principal to the beneficiaries and the preparation of a tax return since the trust is a separate legal entity. A trustee is held to the highest standard of care given the responsibility it undertakes.

Union First Market Bank is regularly named as trustee in our client's estate plans.

Getting Started

If you would like to set up an appointment, please send us an email and one of our Trust professionals will contact you, or give us a call on our toll-free number, 855-244-3767. We look forward to working with you!