Once the process is complete, and you’ve decided on what specific plan will meet your personal needs (i.e. Will, Trust, durable Power of Attorney, Agency, etc.), we will assist in meeting with your attorney and tax professional to maximize your tax benefits. If you do not have an attorney or an accountant, we can recommend and accompany you to an introduction of appropriate professionals.

Types of Trust
There are various types of trusts available to meet your financial needs. Here are just a few:

Living Trusts: A grantor places his/her assets in trust and names a trustee. The grantor may reserve the right to add or remove income or principal, change beneficiaries, or make any necessary changes. Trust assets are distributed at death according to the trust document and are not subject to probate administration.

Credit Shelter Trusts: These trusts are typically designed to pass assets to the grantor’s descendants, but allowing the surviving spouse use of the assets during his/her lifetime. Upon the spouse’s death the assets pass on to the descendants and are not included in the spouse’s taxable estate.

Irrevocable Insurance Trusts: An insurance policy is placed in trust. Upon the death of the insured, the policy’s face value is removed from the insured’s estate. This can be quite a tax savings.

Charitable Trusts: These trusts can be designed many ways such as giving your spouse or children distributions during their lifetime and the remainder of assets to your charities of choice.

Advantages of Trust

Estate Planning: With an appropriate estate plan, trusts can minimize your tax obligation and offer asset management long after death. Trusts can allow you to provide for your children, grandchildren, and even great-grandchildren’s needs.

Privacy & Probate Avoidance: Upon death, trust assets may pass to beneficiaries without disclosure to the public. This allows a family privacy for the distribution of assets, during their difficult time of loss. Placing property in trust can avoid the lengthy process of probate, and trust administration fees are generally lower than estate administration fees.

Investment Management: Trusts can allow the grantors the freedom to enjoy their lives without the time-consuming headaches of daily managing their portfolios. The trustee will handle the management while the grantors receive the economic benefit.

Special Needs & Goals: Trusts can allow you to plan for the care of a disabled loved one. Trusts can also be designed to benefit your favorite charities. Trusts can be created to fit many different goals with different levels of control.

Estate Administration: F&M Bank and Trust Company can be named the executor of your estate under the terms of your Will. As your professional executor, we would carry out your provisions set forth in your Will in a timely manner easing the burdens left on your loved ones. Some of our responsibilities include: gathering all of the assets, preparing an inventory, maintaining records, and managing the assets, and distribution.

Power of Attorney/Agency Account: F&M Bank & Trust Company can be named agent of a Durable Power of Attorney for financial matters. We would provide the record keeping of all income and expenses, maintain the investments, handle the tax returns, file insurance, etc.

Escrow Agent: F&M Bank and Trust Company can be named Agent of an escrow account. We hold the document until the terms of the contract are met and then deliver the document.

Employee Benefit, Profit Sharing, or Stock Ownership Trusts: F&M Bank and Trust Company offers investment services, periodic reports, and disbursement of funds for these accounts.

Cash Sweep Accounts: F&M Bank and Trust Company can facilitate a sweep function on your checking account into interest bearing accounts. Interest is paid monthly.

Our Duties As Your Trustee
As your trustee, it is our duty to administer the trust according to the terms of the document taking into account the current and future beneficial interests. We will work impartially with beneficiaries. We are loyal to the beneficiaries whose interests we are to protect.

It is our duty to prepare accountings, make decisions regarding taxation, and respond to your needs.

Once we accept trusteeship, our duties begin to collect, control, and invest assets placed in trust according to the direction of the document. We will keep trust property separate from individual property. As your trustee, we will manage assets, pay bills, make distributions, and other specific functions, as you deem appropriate and as directed by your document.

Contact us directly to set up an appointment or to find out more about trust services.

Tamara S. Reed
Vice President
573-221-6425 ext. 376

Email Tamara

Debbie J. Stith
Administrative Assistant
573-221-6425 ext. 373

Email Debbie