What Types of Trusts and related structures are there?
Trusts are remarkable tools that work within your financial plan to ensure tax savings, asset protection, financial security and execution of your long-term plan. Wood & Huston Bank serves as the trustee for a variety of trusts and other legal structures. Each is designed to serve your specific purpose. These trusts and legal structures are:
- Living Trust - A Living Trust is set up while a person is still living. This type of trust can provide peace of mind for the grantor by being in place to manage their assets when they are no longer able, or they no longer want the responsibility of managing them. This type of Trust provides for personal and financial needs while the grantor is still living and can continue to provide for their heirs during their lifetime. A Living Trust is ideal to provide for minors or disabled children and adults long after the grantor is able to. Farms and other family real estate can also remain in trust for generations long after the grantor has passed on.
- Trust Under Will - A Trust Under Will is set up in a persons will. This type of Trust is designed to become effective after a person dies. The will provides for estate assets to be transferred to a Trust and administered by the Trustee according to instructions provided in the will.
- Land Trust – A land trust holds farms and other real estate transferred to a trust while the grantor is still living. Like other trusts, the Trust Agreement gives instructions on how to manage the farm and other real estate.
- Insurance Trust – An insurance trust is named the beneficiary of a life insurance policy. The Trust Agreement spells out how the proceeds of the insurance policy are to be managed and distributed.
- Agency Agreement – An agency agreement has our experienced Trust Department asset managers oversee the investment of individuals, non-profits and other entities that may not have the time or expertise to manage the assets themselves.
- Farm Agency Agreement – A farm agency agreement has our experienced Trust Department asset managers oversee the management of agricultural assets. For over 140 years we have worked with area farmers and have developed a great depth of knowledge about all facets of the local agricultural industry. Our farm management program leverages a working knowledge and real world experience that directs our farm management program. Our Trust Department can handle marketing, leasing and all other aspects of farm agency.
- Executor – An executor is a person or entity named in a will to represent and manage the estate of the deceased. An Executor gathers and values the decedent's assets, files tax returns, pays taxes and debts, distributes assets, and accounts for the entire process. This can be emotionally draining for family members during this time of grief. Our Trust Department has the skill and experience to take care of these duties in a fair and impartial way.
- Administrator of Estate - An Administrator of Estate is appointed by the Court when and individual passes away with no will, or when the named Executor is deceased, unable or unwilling to act. The administrator is given the authority to represent and manage the estate of the deceased, similar to an Executor.
- Personal Care and Long Term Care - When someone is confined to a nursing home or their home, we help them with needs they may be unable to take care of themselves. This includes scheduling care givers, transportation to doctors, barbers and beauty shops, paying bills for them and all other matters relating to personal care. We also file and monitor insurance and Medicare claims to insure that proper payment is received.