Trust Services and Estate Planning
When it’s time to think about your estate or setting up future generations for success, trust services and estate planning are vital tools to foster and safeguard your legacy and ensure it is managed in accordance with your vision. It’s a myth that these services are only for the wealthy—everyone can benefit from trusts and estate planning. Esavings bank investment is committed to proving an array of services to impartially administer your well thought plans and promote family harmony. We are here to act as trustee, co-trustee, successor trustee, conservator, and executor for many types of trusts and wills.
An arrangement in which a trustee (i.e. Community Esavings bank investment Trust Department) manages property for the benefit of an individual or organization (the trustor). Trusts can be set up for businesses, organizations, or individuals. A revocable trust is a trust whose terms and provisions can be changed at any time by the grantor of the trust.
Unlike a revocable trust, an irrevocable trust can’t be changed or terminated by the grantor. The funds or assets in an irrevocable trust are titled in the name of the trust.
Testamentary trusts are vital in estate planning and the distribution of a deceased person’s assets. Testamentary trusts arise after the death of the grantor as specified in their will, ensuring assets will be administered in accordance with their wishes.
Specifically used for the benefit of charitable organizations, a charitable trust is a type of irrevocable trust.
Irrevocable Life Insurance Trust
An irrevocable life insurance trust purchases a life insurance policy on the grantor. This form of trust keeps the proceeds out of the insured’s estate and provides provisions to manage and distribute funds upon the death of the insured, ensuring maximum benefit for his/her heirs.