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Trust Administration

The Trust Department is a service of Converse County Bank. Our Trust professionals have teamed with investment counselors, retirement plan specialists, attorneys, and CPA’s, enabling you to be confident that your account will be handled properly.

Living Trusts

A Living Trust is an agreement that you create during your  lifetime.  You direct how your assets are to be administered during your lifetime and for the benefit of others after your death.  You may change this agreement anytime.   Under a typical Living Trust agreement (which is drafted by an attorney) ownership of assets or property is transferred to the trust and is managed by the Trustee on behalf of one or more beneficiaries. A properly drafted Living Trust can function flexibly during life and minimize delays and expenses at death. Additionally, a married person’s revocable trust can reduce the combined estate of husband and wife in much the same way as trust provisions in a will.

Trusts Under Will / Testamentary Trust

A testamentary trust is created under your will and does not take effect until your death.  These trusts can be created for a variety of reasons, one of which is to provide for your surviving spouse and other beneficiaries, eliminating the need for guardianships when minor beneficiaries are involved.  Financial management by the trustee stays in effect until the beneficiaries reach the age when principal will be distributed to them.  A Trust Under Will provides added reassurance that after your death, your funds will be managed, invested and distributed in a manner, which meets with your pre-established goals, and in a way that benefits your loved ones.

Irrevocable Trusts

This is an agreement which may not be changed after its creation.  You can use a trust like this for specific tax reasons and to provide benefits for others. The trust document is crafted by your attorney to meet the requirements of your unique circumstances.  Funds are utilized based upon guidelines set forth in the document governing the trust. 

Life Insurance Trusts

A life insurance trust can provide you with peace of mind knowing that, upon your death, the proceeds from your life insurance policies will be paid to a Trust you have established.  Converse County Bank, as Trustee, is named beneficiary of the policies.  This enables us to immediately “step in” to hold and manage the funds, as Trustee, for your spouse, children or for other individuals as specified in the agreement.

Estate Settlement

One of the most important decisions you will ever make is the selection of someone to settle your estate.  The only way for you to do this is by having a will where you can indicate this choice.  Converse County Bank can serve as Personal Representative for your Estate.  Naming us as Personal Representative of your estate means that a trained and impartial entity will oversee the difficult tasks that are legally required of this position.   As part of these services the details of probate, inventory, safeguarding of assets, collection of debts, filing of tax returns and distribution of assets will be handled efficiently and professionally. This can relieve your family or friends from the burden of dealing with these unfamiliar tasks.