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Brad Kennedy - Vice President Trust Services

Trust Services 

Most people assume that if they have a will, their estate plan is complete. However, most people fail to realize that there are more options available for estate planning.

BNA Bank's Trust Department can help you complete your estate plan. We offer testamentary trusts to minimize estate taxes and take care of loved ones after you pass away.

We also offer living trusts to help manage your assets during your lifetime and avoid probate at death.

In addition to estate planning tools, BNA Bank's Trust Department offers Self-Directed Individual Retirement Accounts (IRA's) to help you reach your retirement goals.


Living Trusts

A common misconception about trusts is that they are only used to hold assets after death. However, a living trust can benefit you during your lifetime and be structured to provide benefits to your family after you pass away.

How does a living trust work?
You place assets into the trust. BNA Bank's Trust Department then manages those assets to provide income for you. You do not have to worry about who will manage your affairs should you become physically or mentally incapacitated. Your financial needs will be handled without causing a burden to friends or family members.

I already have a will. Why would I want a living trust?
While the primary advantage of a living trust is asset management in the event you are unable to manage your own affairs, another feature of a living trust is the avoidance of probate.

Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed according to your will. A living trust can keep your financial affairs out of the courts and out of public view.

Testamentary Trusts

Testamentary trusts are used to manage and dispose of a person's assets after death. The primary reason for setting up a testamentary trust is to provide for surviving family members. A testamentary trust can work in conjunction with your will to make sure that your family, not the government, gets the most of your estate.

Self-Directed IRA's

Self-directed IRA's allow you to control the investments in your IRA. You may invest in stocks, bonds, or mutual funds. A self-directed IRA is ideal for someone who owns stocks within a company retirement plan. Those stocks may be rolled over into a self-directed IRA without having to liquidate the stock. The contribution and withdrawal rules are the same as a regular IRA. And with contribution limits rising over the next few years, a self-directed IRA can be a valuable part of your overall retirement plan.

Do not worry about estate planning or what might happen with your finances should you become ill. Take action. Consult your attorney or CPA to find out what types of trusts might be helpful to you. Then consider BNA Bank to manage your trust assets and see that your financial goals are met.