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property and beneficiaries

Testamentary Trusts from Legacy Bank

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

Investment and Insurance products not a deposit. Not FDIC or DIF insured. Not insured by any federal governmental agency. No bank guarantee. May lose value.
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