established financial plans for your

property and beneficiaries

Testamentary Trusts are accounts which become effective after a person's death and are established in that person's will. People often prefer to leave property to beneficiaries in trust, rather than outright. Reasons for a Testamentary Trust include: to manage assets for the benefit of the surviving spouse and children; to provide for the special needs of minors and mentally or physically handicapped members of the family; to save estate taxes; to avoid the necessity of guardianships of the property of minor beneficiaries; or to bestow the benefits of property without imposing the burden. Whatever the reason, LPM and Legacy Banks as trustee has a management task. We hold and administer the assets and apply its benefits as directed in the will.

 

Benefits of a Testamentary Trust:

• Provides prudent investment management and conservation of capital
• Provides financial supervision for minors or disabled beneficiaries
• Professional management of the trust's assets prevents financial loss to beneficiaries who may be unable or uninterested in handling money
• Reduces Federal Estate Tax for the creator's spouse and children

Contact LPM today for more information on Testamentary Trusts