First National Bank commonly serves in the following fiduciary capacities:
Executor, Co-Executor of an Estate
A Last Will and Testament is the legal document that dictates what happens to everything you own specifically in your name upon death. The appointed Executor oversees the administration and eventual distribution as directed by the terms of your Will. Naming First National Bank as an impartial third-party Executor can help alleviate family conflicts that may occur due to decisions that must be made during the estate administration process.
Trustee, Co-Trustee, or Successor Trustee of a Trust
A well-written Trust (Revocable, Irrevocable or Testamentary by Will) can reduce estate taxes and fees by avoiding probate, facilitate distribution of assets to whomever you decide, protect assets from creditors or even family members themselves, and remain private from public record. The Trustee is responsible for carrying out the written terms of the Trust document regarding investment and protection of the Trust assets, filing Trust taxes, periodic accounting, and making income and principal distributions.
Two common circumstances that affect estate planning are concerns about individuals with special needs and blended families. Special Needs Trusts can be set up for beneficiaries who are disabled, which are structured in a way that allows them to continue to qualify for public assistance programs, such as Social Security Disability Insurance and Medicaid. Other special planning with Trusts can accommodate blended families, with current and former spouses.
When acting as your fiduciary, First National Bank will be impartial and independent in dealings with all beneficiaries; they will also ensure your assets are handled with expertise, according to the legal terms of the documents.
Conservator of a Voluntary or Involuntary Conservatorship
Appointed and overseen by Probate Court for an individual who is no longer capable of handling their financial affairs, or who needs protection from financial predators. Our Trust department has the expertise to act as Conservator to handle these special types of relationships.