Wealth Advisory

Trust Administration

Like a will, a trust is a written document that transfers property. A will is a statement of what you want to happen to your possessions after you die, a trust is a multipurpose tool that you can establish at any time to:

  • Manage your property
  • Distribute assets to your beneficiary
  • Avoid probate
  • Save on taxes

Benefits of creating trusts:

  • Leave assets tax free by taking advantage of the federal unified tax credit
  • Provides income to one person during his or her lifetime and eventually, what is left to others
  • Protects assets rather than leaving them outright to heirs
  • Receive reliable professional investment

As the person creating the trust you:

  • decide the terms of the trust
  • name the beneficiaries
  • decide which property will be included
  • choose the trustee who will control it
  • specify how the trust's assets will be paid to your beneficiaries and how long the trust will last

All of this information will be contained in the trust document, which should be drawn up by your attorney. You don't want to run the risk of writing your own. Partnering with other financial experts such as attorneys and accountants ensures that our Trust clients receive the maximum benefit of their relationship with us. We welcome clients involving their family attorney, accountant or other trusted advisor. Working together, we meet clients' goals…and ultimately that's what matters.

Contact German American Trust Services to find out more about how you can utilize a trust in your estate planning process.