Trust Department Services

Citizens State Bank offers a wide range of administrative trust services, we can act in the following fiduciary ways.

Fiduciary Types

Trustee or Co-Trustee – We’ll ensure continuity, impartiality and financial security.  We can respond to and quickly resolve any issue, even in unique or highly specialized circumstances.

Executor of an Estate - We gather and value all estate assets, pay all final expenses and taxes, and distribute assets in accordance with a Will.

Co-Trustee or Co-Executor - We act on their behalf as executor or trustee to help them fulfill their fiduciary obligations, while they continue to serve as trustee or executor.

Guardian or Conservator - We undertake complete control of your financial affairs to ensure the protection of assets. We often take on this vital role for individuals who can no longer manage their own affairs. Regardless of our role, Citizens State Bank’s trust department can help you achieve all the financial security for yourself and your family.

Types of Trust Accounts

Living Trusts - A living trust gives you full access to your assets for you now or during your lifetime, but allows an appointed trustee, such as the Bank, to manage assets. With a living trust, our bank can provide support for you and your dependents as much or as little as you need.   

Charitable Trusts - Provides for charitable giving and generates income either for you or the charity.  As your trustee, we will invest the assets which can grow tax-free for giving to the charity of your choosing.  

Testamentary Trusts - By leaving all or portions of your estate in a trust, your Will can add to your family’s financial security and peace of mind. What’s more, married couples can secure even greater tax freedom with trust planning. A Testamentary Trust can provide you with financial security for your spouse, a charity or for your next generation family members.

Special Needs Trust - Special Needs Trusts are typically funded by money from a personal injury lawsuit settlement, a gift, or inheritance. A settlement is paid into a trust account where the funds can be professionally managed. The trustee has the flexibility to distribute funds based on the beneficiary’s actual income needs. Sometimes a parent or grandparent leaves funds in his or her will to benefit a family member living with a disability.

Estates     

Citizens State Bank can act in several different capacities to assist your family with the estate settlement process, such as executor (personal representative), co-executor, trustee, co-trustee, successor trustee, or as an agent for an executor. We manage every aspect of the process and serve as an objective third party in handling any disputes. We are able to assist you or your family with:
  • Timely collection, valuation, and distribution of assets
  • Court administration services
  • Monitoring taxes and other expenses
  • Professional asset management
  • Preparing estate, inheritance, and income tax returns

Conservatorships

This is a court supervised account for people who are legally unable to manage their own financial matters while living, such as a minor. 
A conservatorship saves family members the burden of: balancing monthly payments, check writing, record keeping, and shopping for the best investments and interest rates. The Trust Department manages the investments and pays all bills out of the conservatorship account. 

Support From Our Trust Department

The estate settlement process can be confusing.  Citizens State Bank can assist you or your family through the process.  We will consult with your attorney or accountant to help manage the estate settlement.  You or your beneficiaries will also have access to additional guidance if needed during this time. Through planning and communication, your estate can be settled promptly in accordance with your wishes and with minimal stress to your loved ones.  We act as a referee that must carry out the duties and fiduciary responsibilities of your estates wishes. Settling even a simple estate can be complex and time consuming.  We can help you avoid placing that burden on a family member.  As executor of your Will, Citizens State Bank will see to it that your wishes are carried out and that your beneficiaries receive personal attention throughout the entire administration of your estate.

We Manage Every Detail

Citizens State Bank will provide outstanding advanced trust services to you and your family.

For more information call Dave Sunlin, Trust Officer at (319) 465-5921 for all your trust administration needs.