Preserving and transitioning wealth and protection with care
Our caring, experienced professionals plan and administer comprehensive trust solutions for individuals and families from all walks of life — young families, empty nesters, and retirees of all income and asset ranges.
Consider a personal trust as part of your overall financial plan. As you build wealth, it’s important to consider how to manage and transition it to people and organizations that you care about. Establishing a trust may help:
- effectively grow assets
- reduce estate taxes
- protect and manage property
- help in the event you are ever incapacitated
- and much more.
Complement your team of advisors — legal, financial, tax — with our team of trust professionals! We’ll work with you to understand your personal goals — planning for the care of a special needs child, an aging parent or higher education for your loved ones. Whatever your situation, we’ll offer services to support your loved ones and transfer your assets keeping your tax situation and charitable interests in mind.
Establishing a Trust
We’ll work with you and/or your attorney to create a trust document that indicates how you wish to have your assets handled after your death. As trustee, you can make any changes to this document as often as you want.
After establishing the trust document, you will continue to maintain control over your assets as trustee. You have the flexibility to buy, sell, or gift your assets as you choose. When you’re ready, our Trust Services professionals will manage your physical and monetary assets. These activities can range from paying your bills or filing your taxes to hiring someone to make home repairs.
After your death, we’ll take care of your estate following the directives you created in your trust document. From selling assets to distributing wealth or charitable giving, be assured that your mandates will be followed.
We do not charge any fees to set up your trust. Your initial costs will stem from the legal assistance you receive when establishing your trust. If Bank Midwest is named as successor trustee, our fee will be based on a percentage of the value of the total assets held in trust and will only be charged when the bank becomes successor trustee. For trust administration, fees are based on the amount of the assets you’ve requested us to manage.
Whether you choose Bank Midwest as your trustee or another party to manage your assets, there are a number of trust options to consider.
- Revocable Trust: can be changed at any time
- Irrevocable Trust: cannot be modified in any way; all title to assets are in the name of the trust, which will be passed on to future generations, as designated.
- Irrevocable Life Insurance Trust: a popular way to provide payment for estate taxes
- Living Trust: effective during the Trustor’s lifetime; usually revocable.
- Testamentary Trust: established via the will of a deceased person, ensuring property will be administered in accordance with his or her wishes.
- Charitable Trusts/Foundations: created for the benefit of charitable organizations and is still able to utilize income.
- Professional Trustee: using our trained, professional trustee avoids delays, conflicts, unnecessary fees and even financial losses. Stability, trustworthiness and expertise are all hallmarks of a professional trustee.
- Custodial Services: IRA/unique assets and consolidated IRA statements
- Conservatorships: created for the benefit of a client needing help paying bill and managing assets according to a will.
Choosing a Trustee
Selecting the right trustee is very important.
Other Trust Services
We also offer these a la carte services.
- Durable Power of Attorney
- Gifting to children, descendants and other during lifetime
- Charitable giving
- Titling of assets
- Executor/Successor trustee issues
- Distribution plan for wealth at death
- Signature Guarantee