Trust Services
At Citizens Bank & Trust, we understand the importance of safeguarding your wealth and planning for your legacy. Our Trust Department is committed to providing tailored estate planning and asset management solutions for individuals, families, and organizations. Whether you are seeking professional trust administration services, management of your estate, or protection of your assets for future generations, our expert team is here to help. To learn more about estate planning, wealth management, and how CB&T can assist you in accomplishing your financial and estate goals, view our comprehensive
Personal Trust & Wealth Management guide.
Planning for Your Special Needs Child’s Future
At Citizens Bank and Trust, we understand the unique challenges that parents of children with special needs face. In partnership with the Special Needs Estate Planning Taskforce, we are here to help you secure your child’s future.
Estate Planning
An important part of attaining financial goals is estate planning to ensure peace of mind that should you die or become incapacitated your assets will be managed and distributed according to your wishes. Please call our Trust Officer for information and resources on Wills and Trusts.
Estate Settlement
Our Trust Department offers professional estate settlement from obtaining formal court appointment, locating financial records, making inventory of assets and notifying heirs to paying debts, collecting money owed, and supervising any litigation. In addition, we can make sure during the process that your assets are preserved and invested, estimate and control cash needs, maintain accurate records, prepare accountings and assure that tax returns are completed. Perhaps most important of all, we will remain impartial and ensure that the distribution of assets is carried out exactly as provided by the decedent in the will or according to the law in the case of intestacy.
Personal Trust Administration
A trust is a legal arrangement whereby one person, the settlor, entrusts some or all of their property to a trustee of their choice. The trustee holds legal title to and manages the trust property. The assets and income therefrom are disbursed and distributed by the Trustee in the manner and to the beneficiaries provided in the governing trust document.
Our Trust Department can serve as trustee for the following types of trust accounts:
- Living Trusts
- Testamentary Trusts
- Insurance Trusts
- Trusts for Minors
- Charitable Foundation Trusts
Agency Accounts
Agency Accounts differ from trusts in that title to the assets in the agency does not pass to the trustee, but remains in the name of the owner of the property, known as the principal. Citizens Bank & Trust Company offers two types of agency accounts:
Managed Agency
The Bank, as agent, has the duties of investment management, tax record keeping, safekeeping of assets, collection of income, accounting of funds and making disbursements.
Custodial Agency
The duties of the agent are safekeeping of assets, collection of income, accounting of funds, and making disbursements; however, the custodial agent has no investment management responsibilities.