By Jennifer Gardner
When planning your family’s future, you can trust your information and funds will be properly managed with INB’s Trust Services staff.
Illinois National Bank offers top expertise with our fiduciary services, including trust and investment services for individuals, corporations, government agencies, foundations, school districts and other entities governed by the Illinois Pubic Funds Act. We provide investment management, investment consultation, trustee services, custodial services, tax services, and general planning services for business, personal and retirement.
Thanks to a full-range of services, INB helps to ensure your wishes are carried out. Services include:
- Revocable living trust. INB serves as trustee under an agreement with an individual. With the agreement, we collect the assets covered in the trust, including cash, mutual funds, stocks, bonds, real estate and certificates of deposit. We establish a trust account to hold and report on the assets, and the assets are then retitled into the name of the trust.
A trust can save you time, taxes, expense and can help you avoid probate. Through a revocable living trust, INB safeguards assets, advises on investments, collects and distributes income, keeps records, and provides reports and online access. We can even pay your bills out of the trust account. We can also make distributions to you or your beneficiaries according to the terms of the trust.
- Trustee or Investment Manager for a Foundation or Endowment. When INB is named as trustee or investment manager for assets donated to public or private charitable organizations, we manage the investments and provide performance reporting. We also periodically attend board meetings and give investment reports.
- Estate Administration. INB can be named as executor at death or appointed to act as agent for the personal representative, which means we are responsible for collecting, safeguarding, investing and distributing assets, settling claims, and paying final expenses. We work with the estate’s attorney and accountant to ensure that final tax returns are filed. When the estate is closed, we manage assets according to the will or trust and distribute the assets outright according to the document.
At INB, we know that the unexpected often arises in life, and we are fully equipped to support you or your family in many situations. We administer other types of accounts within our trust services, including:
- Guardianship. INB may be court appointed to serve as guardian of the estate for a child who receives funds as a result of a settlement. We have the ability to hold and invest the assets, make distributions to the child’s guardian and pay bills for the child’s benefit. We work with the estate’s attorney and provide a court accounting to the court each year.
- Trust for an adult child or a surviving spouse. INB may be named trustee of a trust for an adult child who needs assistance with investments and bill paying. In this instance, we hold and invest the assets, make distributions and pay bills for the adult child as directed by the trust document. A trust may also be set up pursuant to a will or trust document upon the death of the first spouse to assist the surviving spouse with investments and bill paying during the remainder of his or her lifetime.
- Generation Skipping Trust. INB may be trustee of a generation-skipping trust providing for children and then grandchildren. A trust may be set up upon the death of the individual, also called the grantor. The trust holds the funds for the lifetime of the grantor’s children in order to pass assets to the grandchildren while avoiding estate taxes that would apply at the death of the grantor’s children if the assets had been transferred to those children. The children may receive income for their lifetime, at the discretion of the trustee and as determined by the terms of the trust. At the death of the children, the remainder of the trust is distributed to the grandchildren.
- Investment Management Account. INB can act as an investment agent for either an individual or a business entity/nonprofit that needs a managed account. INB will manage the investment asset allocation and make modifications when necessary.
When you seek INB’s trust services, one of the first things you will do is meet our entire Trust and Investment Team to ensure that your needs are met no matter what inquiry or issue you may have throughout the process of setting up your trust. At INB, we strive to make your life easier, and through the expert guidance and support of our trust team, we offer you peace of mind about the future.
Over the years, INB has established a tradition of providing prompt and exemplary service for our customers and exploring new ways to solve the needs of our customers. Give us a call to learn more about how INB’s trust services can better serve you and your future.