logo Login
Category: MutualWealth

Trust Services

open
Is it ever too late to set up a trust?
x
Is it ever too late to set up a trust?
A trust should be established during someone’s lifetime while they are of sound mind and in possession of their full mental capacity.
open
What is a living trust and why might someone need one?
x
What is a living trust and why might someone need one?
A living trust, also called a “revocable trust,” is a document that clearly defines how funds will be administered either now or in the future. It informs a trustee (the individual or entity responsible for overseeing the trust) as to when and for what purpose certain quantities of funds should be distributed and to whom they should be distributed.
open
If someone sets up a trust, do they generally still need a Will?
x
If someone sets up a trust, do they generally still need a Will?
Yes, a Will provides your final instructions for what should happen to the assets that are not part of a trust. If a person dies without a Will, assets not in a trust must go through a special probate process which can be time consuming and expensive.
open
Why would one generally start a trust?
x
Why would one generally start a trust?
The primary purpose of a trust is to put assets at arm’s length from an individual or group of individuals for either tax minimization or asset protection. If these criteria apply to you, you may consider starting a trust.
Page 2 of 2First   Previous   1  [2]  Next   Last   

 

 

These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

ALL YOU NEED TO KNOW

Frequently Asked Questions

 

 

Back To Top

questionmark sign - Mutual BankNeed Help?