2nd Quarter, 2024
PREPARING FOR THE FUTURE WITH OUR TRUS T DEPARTMENT
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s a family bank, we like to take care of multiple generations of our customers. Our Trust Department is just one more way we can serve your needs throughout your life. Adams Bank & Trust has been in the trust business since 1967. We were the tenth bank in Nebraska to receive a trust charter. Our staff is experienced in law, accounting, real estate, agriculture, business administration, ta x issues, investments, and insurance.
HOW CAN A TRUS T HELP?
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Serve as Trustee, Conservator, Guardian, Personal Representative/ Executor or Agent. Preserve assets for minor children or children with special needs. Keep family assets separate with remarriages. Help families pass down farms and businesses.
by
T O D D A DA M S
chief executive officer
A trust can be particularly helpful to serve those needs for people who don’t have children or children who live nearby.
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A trust can be a way to preserve assets for minor children or children with special needs.
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Trusts can also provide financial protection for people who may have certain challenges in their lives. Maybe managing financial affairs just isn’t in their skill set. They may have a drug, alcohol, or gambling addiction. They may be in a bad relationship or have people in their lives who aren’t good influences.
What is the difference between a trust and a will? Both are legal documents that ensure your wishes are followed for the distribution of your assets. Your will only comes into play after your death, but a trust can ensure the management of your assets both during your lifetime and after your death. What are the components of a trust? The grantor is the person who sets up the trust. The trustee is the person or financial institution in charge of the trust. The trustee manages the property or assets on behalf of the beneficiary of the trust. When can a trust be helpful? Trusts are tailor-made for individual situations and can help you prepare for all of life’s events and circumstances. Depending on the need, our Trust Department can fill not only the role of Trustee, but also of Conservator, Guardian, Personal Representative/Executor or Agent. A trustee can step in to manage assets on a temporary or permanent basis if a person is unable to handle their own affairs. This may be due to an illness or accident, or there may simply be a gradual decline in cognitive abilities.
Trusts can help keep family assets separate in remarriages and blended families. Trusts can aid in the succession of family farms, businesses, and other family property. A life insurance trust can provide liquidity at the time of death to equalize an estate or protect family assets. We approach trust relationships on a team basis. If one of us isn’t available, there are multiple in-house professionals who can address any needs that come up. Rest assured that your affairs are being handled by experienced employees who are looking out for your financial welfare. We are bonded, and we are regularly examined by state and federal examiners. We are here to care not only for the trust property but also for the people themselves. It is our goal that the trusts we manage are life-enhancing rather than lifechanging vehicles. As you plan your estate, and your attorney feels a trust is right for your situation, we look forward to helping you.
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