Trusts
& Estates
 Revocable
Living Trust - Contact
Us Now
When you create this trust you transfer ownership
of your assets to the trust; typically called "funding." When
you transfer title you
do not
relinquish any control. You can still buy, sell,
borrow or transfer.
If
you become incapacitated, your named trustee is able to act on
your behalf. It also avoids probate at your death.
Life
Insurance Trust - Contact
Us Now
A life insurance trust is an irrevocable trust
that is set up for the purpose of owning a life insurance
policy. If the insured is the owner of the policy, the proceeds
of the policy will be subject to estate tax when he dies. But if
he transfers ownership to a life insurance trust, the proceeds
will be completely free of estate tax.
It cannot be rescinded, amended, or modified in
any way after it is created. Once the grantor contributes
property to the trust, he cannot reclaim ownership of the
property or change the terms of the trust.
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Standby
Trust - Contact
Us Now
This trust works like a contingency plan. You
manage your assets until a predetermined event occurs such
as incapacitation or extended vacation. The trustee then
manages your assets until you are able.
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Executor
of Estates
As executor, we collect the assets,
maintain clear and accurate accounts and
records,
pay all taxes and claims against the estate, prepare a
final accounting for probate court and make the final
distribution to heirs and beneficiaries.
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Guardianship
Guardianship is established by a court order
to protect the assets of those not able to manage their own
property. This often serves minor children or incompetent
adults. The guardian is expected to report to the court on
a regular basis detailing the income received and
expenditures made during the reporting period.
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Agencies
An agency carries out certain functions for
the customer. This includes investment management according
to your investment philosophy and can include bill payment
and tax preparation. Ownership remains with the customer,
unlike a trust.
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Testamentary
Trust
A testamentary trust is established by a will
and does not take effect until the death of the trustor. The
trust department then collects the assets and carries out
your wishes according to the terms defined in the will and
reports its actions to the Probate Court.
Custody Account
A
custody account is for your safekeeping of your securities as
well as recordkeeping and administrative services.
Non-deposit investment products are not insured
by the FDIC or any other agency of the United States, are not obligations of, or guaranteed by The North
Side Bank and Trust Co. Non-deposit investment products are
subject to investment risks, including the possible loss of the
principal amount invested.
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