Comprehensive Trust Services
Living Trusts
A Living Trust turns over management of specific assets to the Univest Trust Department. Your Living Trust can be tailored to specific individual needs and investment objectives, just like an Investment Management Account. As trustee, the bank handles many time-consuming chores related to buying, selling and handling securities. A Living Trust is usually revocable -- that is, you can dissolve it at any time. However, you may wish your trust to continue beyond your lifetime as a source of income and support for one or more beneficiaries.
Testamentary Trusts
A testamentary trust is one that is created at your death, as directed by your will. A testamentary trust allows you to retain management of your assets during your lifetime while ensuring that they will be managed after your death by a neutral party, in accordance with your wishes and directives. If you are leaving assets to minor children, disabled children or others who don't have the capacity to manage money, you may wish to leave the money in trust through a testamentary trust.
Power Of Attorney
The Trust Department can act on your behalf, as your legal representative, through a document called a Power-of-Attorney. For example, if you travel frequently, you may wish to use a Power-of-Attorney to authorize the Trust Department to act on your behalf in your absence.
Irrevocable Trusts
When you place money into an irrevocable trust, you no longer control the property. Unlike a living trust, you can't dissolve an irrevocable trust. Why would anyone want to create an irrevocable trust? Because the trust becomes a separate taxable entity. A properly structured irrevocable life insurance trust (a trust funded by a life insurance policy) can avoid probate costs and fees and estate taxes on the insurance proceeds paid to the trust. Irrevocable trusts are also often used for specific planning purposes, such as paying for a child's education.
Guardianships
If you have minor children or dependents who are unable to make decisions for themselves, you can name the Univest Trust Department as legal guardian. Guardianships can be put into effect while you are still living or at your death.
Estate Planning
Estate planning is one of the most important and complex tasks you’ll ever undertake. But estate planning is something most people would rather not think about, because it reminds you that one day, you, well, you know!Estate planning is much more pleasant with a trusted advisor who is committed to your family’s future security. A long-term relationship with a qualified advisor will go far in helping your family keep more money when you are no longer in the picture. But estate planning is about more than money. Univest can help you with everything from crafting a will that anticipates and answers potential problems to addressing goals you have today for a charitable giving legacy tomorrow. With our integrated approach that includes investment management, insurance, planning and guidance, Univest is uniquely qualified to help you protect your family, preserve your assets and define your legacy.
Contact us today for a free no-obligation consultation. For more information or to speak to a Trust Advisor, email, call 215.721.8356 or visit any one of our convenient Financial Service Centers located throughout Bucks and Montgomery Counties.