Trust Accounts

Advantages of Trusts

  • Protection for Beneficiaries -- In addition to assuring that your property will pass the way you want, trusts provide assistance and protection to your beneficiaries.
  • Tax Savings -- A trust plan can also mean substantial savings in taxes for your family. Assets placed in a properly drafted trust can avoid taxation in the surviving beneficiary’s estate.
  • Investment Management & Safekeeping -- First Bank & Trust will relieve you or your beneficiaries of the day-to-day management and administration of your assets.

Types of Trusts

Trusts Under Will

These trusts are a wonderful way to provide for your beneficiaries. Your instructions as to how your property is to be managed for your family’s benefit and eventually distributed to them can be set out explicitly by your lawyer. During your lifetime you continue to own and control your property. You can change your will from time to time as the needs of your family change. First Bank & Trust would be named as Trustee or Co-Trustee in your will and assumes responsibility for your assets after your death.

Living Trusts

All of the advantages of a trust under will can be obtained from a "living trust", plus some others. The basic difference is that a living trust can become operative during your lifetime. To set up a living trust you transfer some of your property to the trustee, i.e., stocks, bonds, real estate or cash. During your lifetime you can be the beneficiary if your wish.

At your death your living trust can continue without any "red tape" for the beneficiaries who succeed you. If you wish, you can retain the right to revoke the living trust at any time, or you can withdraw assets, direct and control investments, and change the provisions and beneficiaries of the trust. These are known as "revocable" living trusts.

Additional Benefits with a Living Trust

  1. You see your estate plan in action during your life and can modify it as you see the need.
  2. The property in it passes automatically to the successor beneficiaries without having to be "probated" in your estate.
  3. Your trust is confidential and need not be disclosed in public records.
  4. It can free you, at any time you so decide, of the burdens of managing investments and keeping records.

Irrevocable Living Trusts

An irrevocable trust is a special form of living trust for particular purposes, such as reducing taxes. Thus, if you set up an irrevocable trust for the benefit of someone other than yourself, such as a child, you can not only reduce your income taxes, but also cut down the size of your taxable estate! The only "hitch" is that for the duration of the trust you are restricted in the benefits you receive yourself, and in the control of it.

Life Insurance Trusts

Under a life insurance trust, the insurance proceeds are payable to a trustee who handles them for your family in a manner similar to a trust under will.

    Not FDIC insured; not deposits of, and not guaranteed by the Bank or any other Federal Government Agency; investments subject to risk, including possible loss of principal.

    For more information, talk to your Trust/Investment advisor.

Our community events

  • Apr 25
    Stand Against Racism. Stand Against Racism is an event that brings organizations together to raise awareness that racism still exists in our communities and that we are taking a stand against it.
  • Apr 25 - May 4
    Theatre and Interpretation Center at Northwestern University Presents Moby Dick. Go tumbling, soaring, and bounding across briny billows in this collaboration with Actors Gymnasium and their high-flying brand of aerial and physical storytelling. Aboard the Pequod, Captain Ahab sails the watery world, seeking revenge on a lone white whale who devoured his leg in a fateful encounter in the South Pacific. Adapted and directed by acclaimed Lookingglass ensemble member and Northwestern faculty member David Catlin (The Little Prince) from Herman Melville’s classic novel of adventure, obsession and fate, Moby Dick questions what it is that drives us to pursue the impossible and how that ambition ultimately consumes us.
  • Apr 27
    Evanston: The Most Liveable City. An open discussion on renewability, movability and growability
  • Apr 27
    Mount Zion Missionary Baptist Church 120th Anniversary Banquet. Please contact Mount Zion Missionary Baptist Church at 847-864-9818 for tickets