Trust Services

Why use a trust?
When property is placed in a trust the creator (or trustor) has peace of mind knowing that their assets are being managed by a professional who is obligated to perform the duties set forth in the Trust Agreement. This includes professional investment management and supervision of assets, accurate record keeping, collection of income, cash management, payment of bills, filing tax returns and payment of taxes. Clients often used trusts to provide for multiple beneficiaries, to manage their property if they become incapacitated, to protect beneficiaries from themselves and others, to avoid probate, and to avoid or reduce taxes.

Types of trust for which Marine Bank & Trust acts as Trustee:
Living Trust
A Living Trust is set up while a person is still living. This type of trust can provide peace of mind for the creator by being in place to manage their assets when they are no longer able, or they no longer want the responsibility of managing them. This type of Trust provides for personal and financial needs while the creator is still living and can continue to provide for their heirs during their lifetime. A Living Trust is ideal to provide for minors or disabled children and adults long after the creator is able to. Family real estate can also remain in trust for generations long after the creator has passed on.

Trust Under Will
A Trust Under Will is set up in a persons will. This type of Trust is designed to become effective after a person dies. The will provides for estate assets to be transferred to a Trust and administered by the Trustee according to instructions provided in the will.

Land Trust
With this type of Trust, ownership of real estate is transferred to a trust while the creator is still living. Like other trusts, the Trust Agreement gives instructions on how to manage the real estate.

Insurance Trusts
With an insurance trust, the Trust is named the beneficiary of a life insurance policy. The Trust Agreement spells out how the proceeds of the insurance policy are to be managed and distributed.

Agency Agreements
With an agency agreement, our experienced Trust department can manage the assets of Churches, hospitals, nursing homes and other entities that may not have the time or expertise to manage the assets themselves.

Guardianships
A guardian is court appointed fiduciary (a person of trust and confidence) who has the legal duty to act for the benefit of another. This fiduciary is responsible for the person or property of a minor child or disabled adult. Our Trust department has the experience and expertise to be named Guardian in such situations.

Executor
The Executor is the person or entity named in a will to represent and manage the estate of the deceased. An Executor has many important duties to take care managing a descendant's estate. These duties include marshaling and valuing the decedent's assets, filing tax returns, paying taxes and debts, distributing assets, and accounting for the entire process. This can be emotionally draining for family members during this time of grief. Our Trust Department has the skill and experience to take care of these duties in a fair and impartial way.

Administrator of Estates
An Administrator is appointed by the Court when and individual passes away with no will, or when the named Executor is deceased, unable or unwilling to act. The administrator is given the authority to represent and manage the estate of the deceased, similar to an Executor.

Personal Care and Long Term Care
When someone is confined to a nursing home or their own home we help them with needs they may be unable to take care of themselves. This includes scheduling care givers, shipping, transportation to doctors, barbers and beauty shops, paying bills for them and all other matters relating to personal care. We also file and monitor insurance and Medicare claims to insure that proper payment is received.

We also provide:

• Trust Accounting Statements

• Review of Trust assets showing costs, market value, and estimated income

• Court accounting report preparation

• Verification of 1099 forms

• Filing of tax returns and forms

• Independent audits of trust assets

• Our Trust Department is managed by Diane Schardon, Trust Officer. Diane has over 18 years of financial institution experience. For a free, confidential, no obligation consultation, please contact Diane at (217) 357-3151.

  * Certain funds invested with the Trust Department are not insured by the FDIC. Funds are not deposits or other obligations of Marine Bank & Trust and are not guaranteed by the bank and are subject to investment risk including the possible loss of the principal invested.