TRUST DEPARTMENT PRODUCT PROFILES |
AGENCY ACCOUNTS
Customer hires The Gerber State Bank to assume certain duties regarding their investments. |
| DEFINITION OF AGENCY ACCOUNT | A relationship where a customer hires The Gerber State Bank through a letter of instruction (Agency Agreement) to
assume certain duties regarding their investments.
The duties are disclosed in the agreement which can
be terminated in writing. The client then turns over
their assets to the Bank and we will manage them
according to the instructions in the Agency
Agreement. |
| CUSTODIAL ACCOUNT |
This is a simple but complete administrative and
custodial service. We perform all the accounting,
record keeping, and income collection duties for
investments and safekeeping privileges. |
| INVESTMENT MANAGEMENT ACCOUNT |
Includes all custodial duties plus investment
management and advice. We accept investment responsibility under guidelines established in the Agency Agreement. |
| IMPORTANT SERVICES |
Safekeeping, Record Keeping, Regular Reports,
Tax Worksheets, Timely Collection and Investment
of Income, Skilled Advice for Investments, Bill
Paying, and Farm Management |
TRUSTS
Customer hires The Gerber State Bank to manage assets placed within the trust as trustee.
|
| FEATURES | BENEFITS |
| TESTAMENTARY TRUST | Trust created through a will. |
| LIVING TRUST | Trust created through present trust agreement.
REVOCABLE: Customer can terminate the trust at any time.
IRREVOCABLE: Customer gives up the right to terminate the trust. |
| WHY A TRUST | Investment Management
Provide funds to you and others
Continues uninterrupted if incapacitated or after death
Avoids glare of publicity from probate
Timely and accurate record keeping
Prevents dissipation of assets
Spend thrift provisions can be implemented
Minors or special needs provisions can be invoked |
| IMPORTANT SERVICES | Safekeeping, Record Keeping, Regular Reports,
Tax Worksheets, Timely Collection and Investment
of Income, Skilled Advice for Investments, Bill
Paying, and Farm Management |
OTHER FIDUCIARY ACCOUNTS
Products that can be utilized in the Bank's Trust Department |
| FEATURES | BENEFITS |
| CORPORATE EXECUTORSHIP | Trust department acts as executor and
administrator through entire estate process.
Why the Trust Department? Estate administration is complicated with dozens of duties as a financial manager required, along with continuing communication with family members. The Bank is better prepared to handle emotional issues that may arise. |
| POWER OF ATTORNEY | Trust department takes this fiduciary role as
(Financial Estate) outlined by the power of attorney document and state statutes. This may include collecting receipts, paying of bills, make investments, manage and/or sell property, etc. This can continue during the lifetime of the individual exercising the power of attorney. |
| CHARITABLE TRUST AND FOUNDATIONS | More comprehensive estate planning
vehicle. This product is mainly used by high net worth customers or individuals without family that have strong charitable attributes. |
| GUARDIANSHIP/CONSERVATORSHIP | Court appointed to protect financial estate of
minor or disabled child or adult. Must
report all receipts and disbursements to court
on a timely basis. |
| RETIREMENT PLANS | Individual Self Directed IRAs,
Business 401(k)/Profit Sharing Plans,
Simple 401(k) Plans |
