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The Trust Department administers the assets according to the instructions as defined in your trust agreement. This involves investing the assets, making payments and distributions, interpreting the terms of the trust, keeping accurate records and providing regular accounting statements to the trust beneficiaries.

The complexity of these tasks is the reason many people choose Jersey State Bank to serve as their trustee. Others choose to name themselves or family members as co-trustees with Jersey State Bank, or name us as successor trustee. Our goal is to carry out your wishes and provide for your beneficiaries.

The Trust Department acts as Trustee for Testamentary Trusts, Trusts Under Agreement, Charitable Trusts and Land Trusts as well as Executor of Last Will and Testament.

Contact Anna Fessler, Trust Administrator, at 618-498-6466 ext. 224 to schedule an appointment

Below are some of the services we provide.

 

Revocable Living Trust

A revocable living trust (sometimes called an inter vivos trust) is a popular estate planning tool that you can use to determine who will get your property when you die. Most living trusts are “revocable” because you can change them as your circumstances or wishes change. Revocable living trusts are “living” because you make them during your lifetime. Most people use living trusts to avoid probate. Probate is the court-supervised process of wrapping up a person’s estate. Probate can be expensive, time consuming, and is often more of a burden than a help. Property left through a living trust can pass to beneficiaries without probate.

Irrevocable Living Trust

An irrevocable living trust is a trust that can’t be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.

The main reason for setting up an irrevocable trust is for estate tax reductions, asset protection and charitable estate planning. The benefit of this type of trust for estate assets is that it removes all incidents of ownership, effectively removing the trust’s assets from the grantor’s taxable estate. The grantor is also relieved of the tax liability on the income generated by the assets.

Testamentary Trust

A testamentary trust is a legal and fiduciary relationship created through explicit instructions in a descendant’s will. A testamentary trust goes into effect upon an individual’s death and is commonly used when someone wants to leave assets to a beneficiary, but doesn’t want the beneficiary to receive those assets until a specified time.

Special Needs Trust

A special needs trust provides financial support for a person with special needs, without affecting his or her qualifications for government benefits. Property is put into a trust for the benefit of a person with special needs, often by a parent or other relative. The terms of the trust allow the trustee to use trust funds to buy certain things for the beneficiary, but because the beneficiary never owns trust property it is not considered to be an asset when he or she applies for government benefits.

Charitable Trust

The arrangement by which real or personal property given by one person is held by another to be used for the benefit of a class of persons or the general public. A charitable purpose is one designed to benefit, improve, or uplift mankind mentally, morally, or physically. The relief of poverty, the improvement of health, government and education are some examples of charitable purposes.

Land Trust

By creating a land trust, you can protect your ownership in real estate, avoid probate, protect your privacy, and simplify selling, transferring and borrowing against your property.

A land trust is simply a legal method used to enhance the process of owning, selling or transferring real estate. When you establish a land trust at Jersey State Bank, the recorded title to the real estate is held by the trustee Jersey State Bank on your behalf, while all the rights and benefits of ownership are enjoyed by the beneficiary (you, the property owner).

Benefits of a land trust are as follows:

  • Privacy of ownership
  • Protection of the owner
  • Succession and ownership
  • Ease of conveyance without having to obtain deeds
Life Insurance Trusts

An insurance trust is an irrevocable trust set up with a life insurance policy as the asset, allowing the grantor of the policy to exempt assets away from his or her taxable estate.

Once the life insurance policy is placed in the trust, the insured person no longer owns the policy, which will be managed by the trustee on behalf of the policy beneficiaries when the insured person dies.

1031 Tax Deferred Exchange "Starker"

A 1031 exchange is a swap of one investment property for another that allows capital gains taxes to be deferred.

  • The like kind property must be identified within 45 days of the date the deed records or possession is transferred to the buyer, whichever is earliest.
  • The exchange ends 180 days after it begins or the date the exchanger’s tax return is due, including extensions, for the taxable year in which the relinquished property is transferred, whichever is earliest.
roll of dollar bills with a graduation cap on top

Are you pursuing your educational goals and desires? Do you know how you will pay for the rising costs of secondary education? Our Trust Department is experienced in helping students secure loans and scholarships which may help you succeed and fulfill your educational dreams.

Frank & Edith Catt Educational Fund

The Catt educational loan was established by the Will of Ms. Edith Catt in 1994 to provide financial assistance for residents of Jersey County, Illinois after completion of their high school or secondary education. This is an interest free loan.

The deadline for submission of new and renewal applications is June 30th for the fall semester and December 31st for the spring semester.

Contact Anna Fessler at 618-498-6466 ext. 224 for additional information.

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Calvin and Juanita Ritchey Whitlock Education Scholarship

The Whitlock Education Foundation was established by Calvin Whitlock to provide educational scholarships to students furthering their education at Lewis & Clark Community College in Godfrey, Illinois. The amount of money awarded will vary annually based upon available funds.

The deadline for submission of new and renewal applications is June 30th for the fall semester and December 15th for the spring semester.

Contact Anna Fessler at 618-498-6466 ext. 224 for additional information.

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