Answers to the Most Common Questions About Trusts
What is a trust?
A trust is an agreement between two parties: the person who creates the trust and the person, institution or organization responsible for the administration of the trust (also known as the trustee). As a trustee, we manage whatever assets are placed in the trust according to your wishes to benefit a third party, your beneficiary.
Who benefits from trusts?
Trusts aren’t solely for those who are affluent. They are a great solution to control what happens with your assets, possibly reduce taxes and protect against other variables regardless of the size of your wealth.
How do GNB Bank's Trust Services help you?
Selecting GNB Bank to administer your trust or estate provides benefits that create peace of mind for you. We can:
- Relieve you of the day-to-day tasks of managing your assets
- Serve as an independent third party to reduce worry and potential disagreements with family
- Assist in collecting tax information
- Provide recordkeeping and handle distribution of funds
How can GNB Bank act as a Trustee?
A trust is a way to ensure your wishes are carried out during your lifetime or beyond. GNB Bank is an alternative to friends or relatives who may not have the expertise or time to handle the details of being trustee. We professionally manage a wide range of assets, common or unique, that a trust may own.
How can GNB act as an Estate Executor
As estate executor, GNB Bank will professionally carry out the terms of the will from start to finish. We will collect and manage the assets, work with the attorney on the probate, pay any necessary taxes, and make final distributions to the beneficiaries.
How can GNB Bank act as an Agent for your finances?
GNB Bank can act as your agent to manage your personal finances on a variety of levels. From bill payment services to discretionary agency accounts, we can find the right balance for your needs. We’ll work with you to find your risk tolerance, construct an asset allocation plan, and make investments accordingly.