Trust
Relationships - Services Offered thru our Sister Bank,
Bank of Pontiac
Peace of mind, personal attention and financial strength. At Bank
of Dwight, we know how important these issues are when you're considering
a trust relationship. That's why we've partnered with our sister bank,
Bank of Pontiac to offer you professional trust services. Our trust
professionals can help you navigate through what can seem to be a
complicated process, ensuring your wishes are carried out thoughtfully
and expeditiously. Below, you will find a brief description of some
of the capacities used in providing trust services.
Types of Trusts
Revocable Living Trust
Trusts created during the lifetime of the grantor are called living
trusts. Assets may be added to or removed from the revocable living
trust and you may alter or revoke the trust at any time during your
lifetime. As trustee, Bank of Pontiac would manage the assets per
the trust agreement. You may also act as your own trustee, but name
the Bank of Pontiac as successor trustee in the event of incapacity,
death or resignation.
Testamentary Trust
A trust created by a provision in a will. Property is held and
managed for
the named beneficiaries. A testamentary trust can provide asset
protection and
investment management services for the beneficiaries.
Related Trust Services
Personal Agency Account
A custodial agency account in which the bank is named as agent under
a legal document, known as an agency agreement. The title to property
does not pass to the bank. Bank of Pontiac, as agent, provides custodial
safekeeping, bill paying and income collection services with complete
and accurate reporting of all account transactions.
Investment Management Agency Account
In an Investment Management Agency Account, Bank of Pontiac is named
as agent with full investment management authority. You will complete
an investment profile to assist the agent in defining and realizing
your investment objectives. Bank of Pontiac will provide a periodic
review and report of all account transactions for income tax purposes.
As with the custodial agency, title does not pass to the agent and
the account can be terminated by either party.
Agent for Trustee or Executor
Bank of Pontiac, as agent, will handle estate and/or trust matters
under guidelines of the will or trust document, handle all record
keeping and reporting and the other responsibilities of the fiduciary.
Guardianship
Bank of Pontiac will serve as guardian of the estate of a minor or
disabled adult, upon court appointment. The bank's role as guardian
is limited to property only; we do not serve as guardian of the person.
The bank as guardian of the estate is required to file accountings
for court approval and must adhere to strict investment standards
to preserve the property of the protected individual. The guardianship
account terminates upon the recovery or death of the protected person
or, in the case of a minor, when the individual reaches the age of
18 (in Illinois).
Estates
When Bank of Pontiac is named executor in a will, we are entrusted
with gathering estate assets and information relative to determining
the debts and claims against the estate. The bank, as executor, manages
the estate during settlement and works in conjunction with the attorney
and accountant to determine any tax liability prior to distribution
of estate assets. An accounting is filed with the court prior to the
bank being discharged as executor.
Real Estate Exchange Trust
Bank of Pontiac
can act as trustee for a 1031 Starker Exchange Trust. The bank acts
as an intermediary and does not offer legal or tax advice on this
or any matter, but will work with your attorney and accountant to
ensure the process is carried out in accordance with the Internal
Revenue Code.
Farm Management
Bank of Pontiac's Professional Farm Management Program
is tailored to landowners who are not involved in the hands-on farming
operation. We serve as farm asset manager and represent landowners
to help them meet their goals and objectives. We have adopted a
hands-on approach to farm management, emphasizing stewardship, production,
marketing, accounting and communication.
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