Is your Bank offering you Estate Planning Services?

The financial services segment is a very competitive segment. Financial institutions are vying for the same customers. As a consumer you can expect your financial institutions, bank or credit union to provide value added services to keep you as a customer happy and satisfied. Many banks offer a wide variety of services over and beyond the regular services you can expect at any financial institution. Some of the services you can anticipate in modern financial institutions include Trust and Wealth Management. The Revocable Living Trust funds are currently the most popular form of trust arrangement among American families to administer their funds. Proper administration of Revocable Living Trusts can result in the reduction in taxes, provide funds for retirement and bequeath a legacy to your dependents on your demise. Banks make available their own Trust Officers to guide you in your investments so that you can fund your trust in order to properly plan for disability and avoid probate. Funding bank accounts, investments or brokerage accounts into your Revocable Living Trust is a popular option for many. The responsibility of the Trust officer is to explain the role of the trustee, executor or personal representative and aid in the establishment of a proper estate plan for you and your family. Your estate planning requires the involvement of your estate planning lawyer to make the Trust legally binding. The Revocable Living Trust avoids probate because the Trustmaker (Grantor or Settlor) will not own any assets in his or her name after the assets have been funded into the name of the trust. These funds will then be owned by the Trustee for the benefit of the beneficiary. On the death of the Trustmaker, the assets for that Trust will not be probated. On the death of the Trustmaker the Administrative or Successor Trustee named in the Trust Agreement will take over legal authority and control of the bank and investment accounts, business interests, collect the proceeds of life insurance, retirement accounts and annuities, settle all the Trustmaker’s outstanding bills, debts and taxes and distribute the balance of the trust funds to the beneficiaries named in the Trust Agreement.

The administration of such a fund requires an entity you can have faith in and have long association with. Your bank should provide you these services so you can build a proper and efficient estate plan to achieve your long term financial goals. For more information on these services visit your bank. Wichita, KS residents can consult their local financial institutions for services.

Bank Wichita, KS – If you are looking for information on trusts visit your bank; Wichita, KS is the home to Southwest National Bank, where you can expect a host of client friendly services.

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