Fiduciary services
Personal trust and estate services are core areas of specialization at Legacy Trust. We are a Michigan chartered investment and trust only bank that is regulated by the State of Michigan. This oversight requires us to have a strong capital base and an excellent system of checks and balances to provide the utmost in security for your assets. In addition, our staff leverages many years of collective expertise to provide personalized trust and estate settlement services to our clients throughout West Michigan.
Personal Trust
When a person creates a trust agreement as part of a comprehensive estate plan, they must name a trustee to carry out the objectives and follow the terms set out in the trust. In Michigan, a trustee can only be an individual, or a bank that has been granted trust powers by the State of Michigan. Our clients and their families employ our expertise, Michigan trust powers and state-of-the-art systems in the following ways.
To advise and counsel on how trusts may be best utilized to protect and manage wealth during their lifetime and after death.
Naming Legacy Trust as a trustee, co-trustee or successor trustee ensures that the duties and responsibilities of the trustee will be carried out faithfully, accurately and with the best interests of all beneficiaries the paramount concern.
Individual fiduciaries often appoint Legacy Trust as their agent to reduce the burdens of being an effective trustee. These burdens can include investment management, tax reporting, asset accounting and supervision, and many other complicated tasks. Legacy Trust will assist family members who lack financial experience or emotional readiness to manage the details of trust administration.
To develop, implement and supervise the investment policy, utilizing an independent approach to select from a wide range of investment solutions to address each unique set of circumstances.
Estate Settlement
Realization of a person’s estate planning objectives is dependent upon the efficient and accurate settlement of their estate. Legacy Trust’s staff has the expertise to provide these services in a personal and professional manner. We can be named as personal representative or be an agent to an existing personal representative. Typical estate settlement functions may include.
- Locating, valuing and protecting assets until being distributed to the beneficiaries
- Post death income and estate tax planning and decision-making
- Ensuring that the appropriate estate and final income tax returns are prepared and filed
- Distribution of the assets according to the wishes of the deceased
Legacy Trust works with the family members and advisors of the deceased to understand all concerns and settle the estate as quickly and efficiently as possible. We provide the expertise to be an understanding and caring partner, providing guidance, sensitivity and stability during a very difficult time.