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Kentucky Farmers Bank
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Trust & Estate Administration

Trust

 

A trust is a legal arrangement in which KFB manages your property pursuant to your written instructions

In trust agreements you name beneficiaries such as yourself, your spouse, your heirs, future generations, a charity, etc. You can choose when the trust begins and when the trust ends. You may write a trust to address present concerns, to last multiple generations, and/or as a permanent endowment for a charity or institution.
Generally, KFB performs the following duties for you:
 
  • Accepts possession of your assets
  • Titles the property in the name of the trust
  • Provides safekeeping for the assets
  • Collects income and payments due the account
  • Settles, buys and sells investments at the our discretion according to the objectives as indicated in the trust agreement
  • Meets with beneficiaries to review the relationship and the account activity
  • Reviews beneficiary requests and expenses as to compliance with your instructions
  • Files trust tax returns
  • Provides tax information to beneficiaries
  • Provides periodic statements of activities to current beneficiaries

Estates

 

Kfb can be the executor of your estate.

 
An executor is named in a will to settle your estate and to perform any other legal instructions in your will. An executor's professional duties include:
 
  • Having the will accepted by a court of competent jurisdiction
  • Collecting, securing, and valuing assets
  • Paying expenses, debts, and taxes
  • Reviewing claims against the estate
  • Filing tax returns
  • Managing assets during the settlement period
  • Receiving tax releases from proper authorities
  • Distributing assets as instructed in your will
  • Preparing the final accounting
 
Kentucky Farmers Bank can be named by the court to carry out the duties of administrator.
 
Kentucky Farmers Bank can be named as "successor executor" in your will should your first choice be unable or unwilling to serve. This designation is often used in wills to ensure a named executor carries out your instructions.
 
Kentucky Farmers Bank is available to act as "agent" for a named executor. As agent, KFB would relieve or assist the executor in carrying out their duties. 

INVESTMENT MANAGEMENT AGENCY ACCOUNTS, TRUST ACCOUNTS, ESTATE ACCOUNTS, CUSTODIAN AND GUARDIANSHIP ACCOUNTS ARE NOT FDIC INSURED, HAVE NO BANK GUARANTEE, AND MAY LOSE VALUE.
NEITHER KENTUCKY FARMERS BANK, NOR ITS EMPLOYEES, PRACTICE ESTATE OR TAX LAW. PROFESSIONAL COUNSEL IS RECOMMENDED FOR TAX AND ESTATE PLANNING.
 
THE INFORMATION CONTAINED IN THIS SITE IS MEANT TO BE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION, RECOMMENDATION, OR ENDORSEMENT OF ANY INVESTMENT PLAN, ESTATE PLAN, OR SECURITY.