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Testamentary Trust
With proper estate planning and design you can create a testamentary trust
to accomplish the long-term fulfillment of your wishes. It can be designed
to realize any vision you have of the future:
Continuing Care - You could, for example, devise a trust to provide for the ongoing needs of your spouse and family or to furnish a lasting legacy to a favored charity. First Community Trust would invest trust assets to provide continuing income to your beneficiaries.
Meeting Major Expenses - If you direct, trust funds could be used to meet major or unexpected expenses for your beneficiaries. For instance, a will might direct the trustee to make funds available for a child’s marriage or a grandchild’s education.
Preserving Your Estate - A trust even could be drafted to reduce the tax burden to your estate. For instance, terms can be written to minimize overall estate tax liabilities by dividing assets into separate trusts.
With a testamentary trust,
you state your intentions according to your own discretion and circumstances.
In a sense, it is a means of extending yourself into the future to provide
financial comfort to those who are important to you.