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Trust Administration That Brings Peace of Mind
Home Federal’s trust administration services bring continuity, protection and control to your estate plans.
Have you considered what will happen to your finances, property and belongings when you die? Perhaps you have detailed plans and wishes, but they haven’t been adequately documented.
You should establish a trust if:
- You don’t have an estate plan in place to distribute your property when you die
- You want to avoid probate and the courts in settling your estate when you die
- You want to arrange for management of your property if you become incapacitated
- You would like help now managing your financial affairs and investments
Home Federal’s trust team offers professionalism, helpful assistance and extensive knowledge to ensure your trust reflects your desires.
Many people have fears and misperceptions about trusts. Perhaps these scenarios describe you:
- You don’t understand a Revocable Living Trust or why you should have one.
Your Revocable Living Trust can serve as a substitute for a last will and testament to distribute property when you die. Because property distributed through a trust does not need to go through probate, your trust property may be distributed more quickly and privately.
In addition, you authorize your Trustee to manage investments, pay bills, sell property, and take care of other financial matters. Although we encourage consulting your attorney when making estate planning arrangements, our own custom trust agreement may be the only thing you need to establish your trust.
- You’re afraid your spouse won’t be aware of your family’s finances, or know what to do when you’re gone.
A widow or widower inexperienced in investment matters may be targeted by unscrupulous salespeople. There is an easy answer: A Revocable Living Trust with Home Federal Bank provides professional investment management throughout the lives of both spouses.
- Your spouse is relieved of the burdens and risks associated with making investment decisions at a time when they are most vulnerable.
Your Trustee can also take care of bill payment, tax preparation, and other financial responsibilities. If you wish to serve as your own Trustee until we are needed, that’s fine with us.
- You’re getting older, and you find it harder to make investment decisions and keep up with paying bills, making medical insurance claims and other financial matters.
The Revocable Living Trust gives your Trustee the responsibility to manage your investments, pay bills and take care of other financial matters. You decide when the time is right for these added services.
- You may choose to title your home or farm into the trust to facilitate a property sale if and when it is appropriate.
This trust provides for lifetime services and distribution of property following death without probate proceedings. We encourage you to consult an attorney when making estate planning arrangements. However, Home Federal Bank has created a standard trust document that we make available at no cost.
- You’re concerned your beneficiaries may make poor financial choices, and you’d like to protect their inheritance.
With an attorney’s assistance, you can create a protective trust as part of your last will and testament (or by using a separate document). If your beneficiary faces a mental or physical disability, an addiction, careless spending tendencies or other challenges, you can specify how the trust funds are to be used for their benefit.
This arrangement assures that funds will be managed according to your wishes. It also protects the inheritance from “gold diggers” or the wasteful tendencies of the beneficiary. These arrangements typically become irrevocable upon funding and must be considered carefully. To help you prepare for your attorney visit, we will discuss our policies and procedures for administering this type of trust. We will also review our fees for serving as Trustee.
- You aren’t ready to leave the family farm, but you can no longer manage it.
We can become your “hired hand” to help maximize your income. We’ll ensure your land receives care and monitoring. We’ll work with your long-time tenant or family member. If you prefer, we will seek a new tenant who will care for the land as you would.
Our comprehensive services include coordinating complex government programs, negotiating leases, collecting income, paying taxes and insurance, and arranging for maintenance as needed. Your land is a valuable asset, producing a steady flow of income to you year after year, while increasing in value over time. Why sell and realize hefty capital gains tax? Our management services make it possible to own it until you pass away and bypass the tax liability.
Home Federal offers Personal Banking, Business Banking, Ag Lending , Home Loans, Trust and Asset Management, and Investments. With so much to offer, learn what Home Federal can do for you.