Bristol County Savings Bank has the ability to serve as a Trustee of various Trusts. This means that the Bank can act as the sole trustee or as a co-trustee with another and serve as a professional trustee in its corporate capacity. Some individuals may require estate plans to protect assets, which they have accumulated. Additionally, this type of plan provides the peace of mind that they have provided security for their families, and a professional trustee will administer the trust according to their wishes.
Revocable Living Trusts
Often we are named as trustee or in some cases as successor trustee. These trusts are used for a variety of reasons, but primarily to ensure that assets are managed professionally in the event of disability or death. They may also be used to create a plan that will minimize estate taxes. Again, in both scenarios an individual ensures that assets will be managed by a professional trustee with investment experience and that the trustee will provide access to the funds, in accordance with the guidelines that the individual established in the trust document.
Special Needs Trusts
Usually created to protect a loved one, who may have a disability, while preserving any other benefits that are being provided.
Irrevocable Life Insurance Trusts
These are created to ensure that life insurance proceeds are not included in the taxable estate of a decedent. They also allow the individual to place some control on the beneficiary’s access to the life insurance proceeds.
Retirement Plans and Individual Retirement Accounts
Bristol County Savings Bank also serves as trustee of various employee benefit plans like 401(k), profit sharing plans and Individual Retirement Accounts, which may have been rolled over from another plan to defer taxes on the distribution.
Many people choose a family member as the personal representative of their estate. The law change has essentially replaced the term “executor” with the new designation as personal representative. Often the financial complexity of an estate warrants the skills, expertise, and objectivity that only a professional can deliver. We’ll provide the personal attention and continuity of service that these sensitive financial matters deserve.
If you are named as Personal Representative for a family member, you may choose to name Bristol County Savings Bank as your agent. We’ll perform all the administrative, tax, and investment functions required to settle an estate including:
- Collecting, safeguarding, and appraising the assets
- Determining debts and claims against the estate
- Managing the estate on an on-going basis
- Assembling personal and financial information required to prepare and file the estate tax returns and determining if alternate valuation makes sense for your situation
- Rendering accountings to the probate court and other interested parties
- Distribution of estate assets in accordance with your instructions
When you name Bristol County Savings Bank as your personal representative or as your agent, we believe you are initiating a valuable relationship and one that will benefit you and the beneficiaries and provide peace of mind that your wishes will be carried out professionally and without the emotion that family members often have when they are placed in this role.
Whatever your future financial goals may be, call us today at 508-222-9500 to schedule a no-obligation, informative meeting with one of our CERTIFIED FINANCIAL PLANNER™ professionals.