Revocable living trusts are a popular way to streamline personal finances and gain the benefits of professional management. These trusts allow your personal trustee to consolidate your investments into one comprehensive account, maintain your financial records of your investments and expenses, handle bill payment, tax preparation, and resolve issues with medical insurance and Medicare.
Testamentary trusts are usually included in your will and take effect upon your death. These trusts are used by parents of adult children who need asset protection and by parents of minor children to delay or control the flow of inheritance. Married couples often use testamentary trusts for tax planning and to provide professional financial management for a surviving spouse.
Special Needs Trusts
Special needs trusts provide financial management for disabled individuals without affecting their ability to qualify for government benefits such as SSI and Medicaid. Funding of these trusts can come from an immediate transfer of assets, transfer by will from an estate, life insurance proceeds, or the disabled person's own assets.
Courts appoint guardians to manage the assets of incapacitated individuals. Univest Trust Officers have the special training and experience to administer these complex arrangements. As guardians, we invest the assets properly, file inventories and reports with the court in a timely manner, and make sure that expenditures are appropriately made.
Charitable trusts are a time-honored way to minimize taxes, preserve your legacy and provide you with income while making a positive contribution to society. Univest has experience in the administration of donor-directed accounts, endowments, charitable remainder trusts and charitable lead trusts. If you have charitable interests, allow us to discuss with you the various options and tailor a plan that is right for you.
People with a long-standing relationship with an investment manager frequently deny themselves the benefits of trust services. A directed trusteeship allows your financial advisor to continue to invest your trust assets while the trustee performs administrative duties such as bill paying, recordkeeping, reporting, tax preparation and distributions.
Investment products offered by Univest Bank and Trust Co.'s Wealth Management and Trust Division and Univest Investments, Inc., member FINRA and SIPC, a licensed broker dealer, are not insured by the FDIC or any federal government agency, are not a deposit or other obligation of or guaranteed by the depository institution, and are subject to risks, including possible loss of principal amount invested.