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
- Safekeeping of your assets
- Settles, buys, and sells investments at the 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
KFB can be named by the court to carry out the duties of administrator.
KFB 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.
KFB 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, are not bank deposits or obligations, have no bank guarantee, and may lose value.
Neither KFB, 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.