Hours of Operation: Monday-Friday, 8:00 a.m. - 5:00 p.m.
For Information about Trust Services please contact Mary Lee at 870-763-8101 ext.118
A trust is a legal arrangement whereby one person, the settler, entrusts some or all of their property to a Trustee of their choice. The Trustee holds legal title to and manages the trusts property. The assets and income therefrom are disbursed and distributed by the Trustee in the manner and to the beneficiaries provided in the governing trust document.
Trust Services are an effective tool for managing your assets during your lifetime and for the benefit of your loved ones after you are gone.
Our Trust Department can serve as Trustee for the following types of trust accounts:
A Testamentary Trust is a trust which arises upon death of the testator, and which is specified in his/her will.
Revocable and Irrevocable Living Trusts
A Revocable Living Trust is a type of trust that can be changed at any time. If your have second thoughts about a provision in the trust or change your
mind about a trust beneficiary or fiduciary, then you can modify the terms of the trust through a trust amendment.
An Irrevocable Trust is a type of trust that can't be changed after the agreement has been signed, or a revocable trust that by its design becomes irrevocable after the Trustmaker dies.
Guardianships / Conservatorship (Court Directed)
A Guardianship is where a person is apointed by a court to take control of the assets of an incapacitated person.
Custodial Accounts (Self Directed IRA)
An account which is created for the benefit of a minor with an adult as the custodian.
An Agency Account is a type of account where the bank acts as an agent on behalf of an individual in financial transactions.
Charitable Remainder Trust
An arrangement in which property or money is donated to a charity, but the donor (called the grantor) continues to use the property and/or receive income from it while living.
The beneficiaries receive the income and the charity receives the principal after a specified period of time. The grantor avoids any capital gains tax on the donated assets, and also gets an income tax deduction for the fair market value of the remainder interest that the trust earned. In addition, the asset is removed from the estate, reducing subsequent estate taxes.
While the contribution is irrevocable, the grantor may have some control over the way the assets are invested, and may even switch from one charity to another.