Trust Services
Trusts are one of the most effective tools ever created for preserving and transferring wealth, and careful planning now can protect you and your family for years to come. Working alongside your attorney and CPA, Stillman Trust & Wealth Management can help you put the right trust structure in place.
Trust Services Details
A trust can be an excellent way to accomplish goals such as:
- ✔ Protecting your estate.
- ✔ Minimizing estate taxes.
- ✔ Managing your assets if you become incapacitated.
- ✔ Minimizing court involvement and maintaining privacy.
- ✔ Providing a college education for your children or grandchildren.
- ✔ Making charitable bequests.
Why Choose Stillman Bank
Choosing who will carry out your wishes is one of the most important decisions in any trust. Naming a friend or family member can work, but it asks a great deal of them — and a person can move away, fall ill, or get caught between the very people they’re meant to serve.
A corporate trustee like Stillman Trust & Wealth Management offers something an individual can’t: continuity and impartiality. We don’t retire, relocate, or take sides in family matters. Your trust is administered by an experienced local team, held to a fiduciary standard, and backed by more than 140 years of serving families across the Stateline.
And because we’re right here in your community, the people managing your trust are people you can sit down with face to face — not a name on a distant account.
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Common Questions
+ What Exactly Is a Trust?
A trust is a legal arrangement — created through a document, much like a will — but unlike a will, a trust usually takes effect while you’re still living and can continue after you pass away. When you set up a trust, you (the grantor) place your assets under the control of a person or legal entity (the trustee), who manages them on behalf of the people you choose (the beneficiaries). The trust spells out exactly how those assets are to be handled.
+ Why Would Someone Set up a Trust?
Trusts serve many purposes, including:
- Estate planning — Setting out how your wealth passes to the people you choose, and on what terms, such as the age at which minor children can access their inheritance.
- Tax planning — Structuring your estate to potentially reduce estate taxes, leaving more for your beneficiaries.
- Asset protection — Certain types of trusts can help shield assets from legal judgments and creditors.
- Charitable planning — Naming one or more charities as beneficiaries to leave a legacy and support a cause you care about, with potential tax benefits.
+ What’s the Difference between a Revocable and Irrevocable Trust?
A trust is either revocable or irrevocable. A revocable trust can be changed or canceled during your lifetime, which gives you flexibility but offers little protection from creditors or estate taxes. An irrevocable trust generally can’t be changed once it’s established (except in limited circumstances) — but in exchange, it can provide stronger asset protection and potential tax advantages. Which one fits depends on your goals, and it’s something we can work through with you and your attorney.
+ Who Can Serve As Trustee of a Trust?
Almost any competent adult can serve as trustee — a friend, a family member, or your attorney. You can also name a professional trustee, such as a trust company or the trust department of your local bank. Many people choose a corporate trustee for the continuity and impartiality it provides, especially for trusts meant to last for years or across generations.