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South Valley Bank & Trust
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Trust Options

Some products offered through Trust Services:

Estate Planning and Consultation

Estate Planning is a service where the Bank works with the client and his attorney or other advisors, to analyze the client’s assets and financial interests and arrange a plan for conserving estate assets. This service generally leads to the Bank being named personal representative and/or trustee under the plan. The purpose of the plan is to minimize estate and other taxes, assure the ecurity of the client’s family, arrange for the continuity of his business, and provide for the disposition of assets according to the client’s wishes.

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Personal Representative of an Estate - Executor/Administrator

Serving as personal representative or administrator is settling the estate of one who has died either leaving a will (testate) or without a will (intestate). The Bank may have been named in the decedent’s will as the personal representative or executor of the estate. If the decedent names an individual as personal representative, that individual may have the Bank appointed as agent for the personal representative. If the deceased died intestate, the court may appoint the Bank as administrator of the estate. In each of these cases (whether as personal representative, agent for the personal representative, or administrator) the Bank, makes an inventory of the assets of the estate, prepares a budget for the settlement of the estate, pays all taxes and claims against the estate, prepares a final accounting for the probate court, and makes the final distribution of the assets to the heir and beneficiaries.

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Living Trust - Revocable or Irrevocable

A living trust is a trust for which the Bank, as trustee, usually assumes full management responsibility for the assets placed in trust. Such a trust may be revocable or irrevocable, and established for a variety of reasons. The trustor may need professional or specialized investment management, may not have the skills necessary to manage his wealth, may not have the time to give to managing his investments, or may have other priorities. A trust established for investment management provides financial protection in the event of incapacity and can be structured to avoid probate and obtain tax savings at the death of the trustor.

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Testamentary Trust

A testamentary trust is created under a will. A person writing a will may leave property directly to the beneficiaries or leave it in a trust for them, a testamentary trust. Testamentary trusts are established to protect the family, save on taxes, and manage investments, businesses, and farms. Family protection includes preserving the family home, relieving survivors of the responsibility for managing investments and other property, and supplying income necessary to maintain the family’s standard of living. It also includes providing for the special needs of children and eliminating the need to appoint a custodian for the children. (A guardian of the person of minor children is required and this must be an individual, not the Bank.) A testamentary trust enables a person who has been remarried and has children from a previous marriage to provide for the surviving spouse and ultimately channel assets to his or her own children. It is also a way to provide life-long care for children who are suffering from physical, emotional, or mental disabilities.

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Conservatorship

A conservatorship is a court-appointed arrangement for the financial protection of the estate of an incapacitated person.  Conservatorships are established for individuals who are considered legally incapacitated and own property not otherwise protected, have business affairs that are jeopardized by their incapacity and need funds for support or education of themselves and or their dependents.  Common instances of legal incapacity are minors and adults who are incapacitated by medical causes, effects of aging, mental illness, addiction to drugs or alcohol, or confinement.  The conservator’s responsibility is much like the responsibility involved in estate settlement; gathering the assets, filing an inventory with the court, managing the property in the client’s best interest, making a periodic accounting to the court, and terminating the conservatorship and distributing property at the appropriate time.

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Property and Investment Management Agency

An agency account is a service where the Bank provides management or advisory service as complete as the client requests. The property managed may be securities, real property (a house, rental buildings or a farm), or other property.

Where securities are managed, the Bank may conduct periodic reviews and analyses of the securities; make recommendations for keeping or selling present securities and purchasing new ones; providing advance notice of maturity of bonds or notes; preparing an annual information statement for income tax purposes and watching for advantageous opportunities related to the securities held. The amount of discretion exercised by the Bank varies with the relationship from full discretion (the Bank is free to buy, sell and exchange securities within the principal’s portfolio without the client’s consent) to simply making recommendations to the client about proposed investment changes.

As managing agent for real property, the Bank may obtain tenants, arrange and handle leases, collect rents, advise the client of needed repairs and take care of those repairs, and pay insurance premiums, taxes, interest on the mortgage, or other assessments. As with the managing agency for securities, the management agency for real property will have varying degrees of discretion assigned to the Bank.

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Custodial Account

A custodial account is a service where the Bank, as custodian for the principal, not only safekeeps the property, but also takes care of the routine administrative tasks associated with it. This includes receiving dividends and interest and disbursing or reinvesting them as the client instructs; collecting the principal on matured or called bonds, notifying the client of corporate actions affecting the property (bond calls, defaults, tender offers, class action suits); buying, selling, receiving or delivering securities at the client’s direction and providing a periodic statement of account activity (receipts and disbursements).

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Rollover IRA - Self-Directed and Specialty Assets

Rollover IRA services are provided in a variety of circumstances, including for individuals receiving a large distribution (over $250,000) from their employer’s retirement plan. A direct rollover from the employer’s plan can prevent current taxability. Direct transfers from other IRAs may also be made. Rollover IRA service includes allowing self-direction of investments or full management. By maintaining an IRA, taxes on investment earnings as well as the capital rolled over are deferred until withdrawn. A wide range of investment opportunities such as stocks, bonds and mutual funds is available with this service. Additionally, the Bank is able to accept specialty assets into Rollover IRAs such as closely held stock, real property and notes secured by deeds of trust.

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Charitable Gift or Portfolio Management

Charitable gifts may be made outright to the charity, as a part of a will or estate plan, and through a variety of types of charitable trusts established during lifetime. The Bank serves as trustee for these gifts, managing, administering and disbursing them to assure that the charitable intent established by the donor under the pertinent gift agreement is adhered to in perpetuity. The Bank also serves as investment agent for the charity itself to professionally manage and account for gift funds in its portfolio.

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