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Welcome to the Trust Department of York State Bank and Trust Company! The Trust Department administers a wide variety of trust products including:
The Trust Department here at York State Bank and Trust specializes in personal trusts. Many people ask: “What is a trust? Why would you need one? Aren’t trusts just for the super rich? How do you go about setting one up? What will it cost?”
A trust places assets in the hands of experienced trust administrators who have a responsibility to administer those assets for the benefit of the beneficiary or beneficiaries. The Trustee invests trust funds in a manner consistent with the purpose of the trust and the long and short term needs of the beneficiaries.
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There are many and diverse reasons for creating a trust. A few examples are as follows:
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Fear that probate taxes will consume much of your estate.
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Management of your assets by experienced professionals who can handle your affairs in case of absence, extended disability and for the benefit of your heirs.
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Providing for a child or an adult in a way that encourages independence, without the burden of financial decisions they may not be capable of making themselves.
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Providing for the children of a prior marriage.
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Gifting property to minors and still insure that those assets are safely managed until they are able to assume management themselves.
If any of these reasons might apply to you or if you feel you are in need of a trust for any other reason, then you should look into creating a trust.
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No longer limited to the super-rich, trusts can provide real benefits and peace of mind to people in everyday situations.
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You'll find the people at York State Bank and Trust Company willing to discuss your questions about trust accounts.. If you think a trust might be part of your personal financial or estate planning, take the time to ask. Contact your attorney, then contact us. We'll work with your attorney to create a trust that meets your needs and carries out your wishes. That's what we're here for.
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At York State Bank and Trust Company, fees can be a fixed amount or a percentage of the assets that are managed. Fees are determined by the services and the anticipated amount of work required to properly invest the trust's assets. We provide a fee schedule up front and reach a fee agreement prior to setting up the Trust. Understanding what you want in a trust and learning the specific fees for that service are important parts of trust planning.
Contact the trust department here at York State Bank and Trust Company to help you in your decisions about establishing a trust.
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