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Trust Services

Secure Your Legacy With Confidence

The State Bank of Bement Trust Department is managed by our Trust Officer, President & CEO Ken Wright with the help of Assistant Trust Officer Miranda Ingersoll. 
 

What is a Trust?

A trust is a legal arrangement that allows a third party, known as a trustee, to hold and manage assets on behalf of a beneficiary or beneficiaries. Trusts are commonly used in estate planning to ensure that assets are distributed according to your wishes, often with greater privacy and control than a traditional will. If you're planning for the future, protecting your wealth, or caring for family members, a trust can be a powerful tool to help you achieve your financial and personal goals. 
 

Benefits of A Trust

Establishing a trust is a strategic way to manage and protect your assets, both during your lifetime and after. Trusts offer a range of benefits including greater control over how and when your assets are distributed, potential tax advantages, and ability to avoid probate. Whether you're planning for loved ones, charitable giving, or long-term financial goals, a trust can provide clarity, security, and peace of mind. 
 
  •  Avoiding Probate- A trust allows assets to be transferred directly to beneficiaries without going through probate. This means faster distribution , reduced legal costs, and greater privacy for your estate. 
 
  • Control Over Asset Distribution- Trusts allow you to set specific terms for how and when assets are distributed. Whether you want to provide for minors, stagger inheritance over time, or support a charitable cause, a trust gives you flexibility and control. 
 
  • Tax and Financial Planning Advantages- Certain trusts can help reduce or eliminate estate taxes by removing assets from your taxable estate which preserves more wealth for your beneficiaries. 
A legal contract where one party, the principal, authorizes another party, the agent, to act on their behalf. The agent essentially steps into the shoes of the principal for specific tasks, and the principal is bound by the actions taken by the agent within the agreed-upon scope of authority. 
A trust created within a last will and testament which becomes effective after the death of the testator. The trust outlines how assets are managed and distributed to beneficiaries after the testator's passing. Testamentary trusts serve as a way to provide ongoing management of assets for beneficiaries even after the creator of the will has died. 
An Inter Vivos or Living Trust is established and takes effect during the lifetime of the person who created it. It involves transferring assets into a trust, managed by a trustee, for the benefit of the listed beneficiaries. 
In cases relating to guardianship the bank serves as a court appointed "manager" of assets of someone judged by the court to be incapable of managing their own affairs. 
Executor: The person named in a will to carry out the instructions of the deceased.
Administrator: Appointed by the court when there is no will. 
 
If State Bank of Bement is named the Executor or Administrator of a trust our goal is to provide professional and impartial estate management. Our Trust Department has decades of experience with these matters and boasts a long track record of professionalism, objectivity, and continuity to trust matters. Additionally, they will ensure that all responsibilities are handled efficiently, accurately, and in full compliance with legal requirements. 
An account established by an adult (the custodian) for the benefit of a minor, who is the legal owner of the assets within the account. The custodian manages the funds and makes investment decisions on behalf of the minor. 
Estate planning revolves around the process of organizing your financial affairs to ensure your assets are managed and distributed according to your wishes, both during your lifetime and after. 
 
Our trust professionals are experienced in managing complex estates, administering trusts, handling tax and legal requirements, and ensuing your plan is carried out with care and precision. With State Bank of Bement as your trusted partner, you can feel confident that your estate will be managed responsibly and in accordance with your goals. 
Land Trusts  are a legal agreement that holds or manages land for specific purposes. Land trusts can acquire land through purchase or donation.
Our Farm Management services are designed to help landowners make the most of their agricultural assets, whether you're actively involved in operation or simply want to ensure your land is well cared for. 

It is our pleasure to provide you with the utmost professional, confidential, and knowledgeable Trust Services, with the one-on-one attention that a small community bank can provide.  If you are interested in information about a particular type of trust service, or simply want general information, feel free to contact Ken Wright or Miranda Ingersoll in our Trust Department. 
 
We understand that the word "Trust" is more than just the name of our department. We work each day to retain that "trust" that our grantors, decedents, and beneficiaries have placed in us.