Monthly, quarterly, or semi-annual statements which list securities, collections and remittances of income and a summary of cost and present market values are provided to customers. Provides all of the services associated with Custodial Accounts. Responsive to monitor changing needs. Principal's ultimate decision. Testamentary Trusts Testamentary Trusts are accounts which become effective after a person's death and are established in that person's will.
People often prefer to leave property to beneficiaries in trust, rather than outright.
Whatever the reason, the bank as trustee has a management task. The bank holds and administers the assets and applies its benefits as directed in the will. Provides financial supervision for minors. Prevents financial loss to beneficiaries who may be unable or uninterested in handling money. Reduces Federal Estate Tax for the creator's spouse and children.