Personal Trusts

Protect your most treasured assets by setting up a trust with Union Bank. One of the most effective means of guarding your estate, a personal trust is a legal document used to benefit either a person, such as a child or spouse, or a group of people, such as a charity or nonprofit.* Some people use personal trusts to save for college, provide for children with special needs, or reduce the burden of estate taxes on their heirs. Unlike a will, a trust doesn’t have to go through probate court, which means more privacy and a swifter distribution to beneficiaries.

As a true community bank, Union Bank approaches personal trust management with the same core values we bring to all of our services. Personalized attention allows us to get to know your current situation and financial goals. Attentive customer service means someone is always available to answer your questions. And we offer all of the same online banking and other convenience services as the bigger banks.

Union Bank’s personal trust services include:

• Living trusts—to provide for the control and use of your assets during your lifetime. Living trusts are distributed when you die as directed by the trust. There is no probate process for assets put into the trust.
• Marital trust—provides funds to the surviving spouse
• Testamentary trusts—tied to a will and takes effect when you die. A testamentary trust can help distribute your assets to those you wish to inherit them at a future date.
• Irrevocable trust—set up while the grantor is living for the benefit of someone else, an irrevocable trust cannot be changed.
• Revocable trust—you maintain control of your assets while you are alive and choose a beneficiary or beneficiaries to receive the remainder of the trust after your death. The flexibility offered by this kind of trust can be helpful when dealing with complicated family arrangements such as multiple marriages and sets of children.
• Charitable trust—an irrevocable trust set up to benefit a charitable organization. These can also be designed to provide you with income for a certain period of time, or to pass a portion of benefits to your beneficiaries in addition to the charity.
• Supplemental-needs trust—to provide for someone who has special needs or requirements.

Creating a personal trust is a complex and important process. Trust Union Bank, a longstanding presence in your community, to help you make the best decisions for the benefit of your estate, your own interests, and your beneficiaries.

Call our wealth management team today or stop by any of our 18 branch offices in northern Vermont and northern New Hampshire.

*Unlike traditional bank deposits, non-deposit investments are not insured by the FDIC; are not deposits or other obligations of Union Bank and are not guaranteed by Union Bank; and, are subject to investment risks, including possible loss of the principal invested.