A custodian of your investments relieves you from the routine duties associated with the management of those investments such as bookkeeping and safekeeping responsibilities. By providing this assistance, the custodian assumes the job of handling the securities and provides accountings of the investment and cash transactions that you or your investment advisor initiate. The service does not provide investment advice and counseling, but rather the bank, as custodian, acts only at your direction. Collect and maintain assets in safekeepingWork with investment advisors or brokers in transacting tradesDisburse cash and assets as directed by account ownerFurnish tax information for assistance in preparing personal income tax returns
Investment Management Accounts
The bank, as agent, becomes your investment advisor, custodian of assets and provides you with an accounting of all transactions that occur. In an agency account, the owner may assign the bank full responsibility for investment decisions or share the responsibility with the bank. When sharing the responsibility, no investment changes are made without the approval of the account owner. Determine investment objectives of account ownerManagement of propertyDisburse cash and investments as directed by account ownerSupply quarterly reports to account ownerCreate tax information for assistance in preparing personal income tax returns
A Conservatorship is established for the management of property and investments for individuals who are unable to manage their financial affairs. The Conservatorship may be either a voluntary or involuntary arrangement. The Conservatorship is established by court order to provide benefits for the ward. Once established, the conservator manages all income and disbursements. Manage property and investments for individuals who are not able to manage their financial affairsPrepare initial inventory of conservatorshipSupply yearly accounting for court reportsGenerate tax detail worksheet for assistance in preparing ward’s yearly tax returns
Personal Representative of Estates
By naming KSB Bank Trust Department as executor in your will we will settle your estate in accordance with your instructions. As a personal representative, the bank is responsible for the protection, management and distribution of the estate assets and liabilities including determining their values, paying debts and taxes and dividing the estate according to your Will or applicable law. Collecting all assets including insurance proceeds payable to estateAssist attorney with inventory of all assets with date of death valuationsAssist attorney with preparation of Federal and State Fiduciary Income Tax returnsSupply information for completion of Federal Estate and Iowa Inheritance Tax returnsDistribute assets as designated in you Last Will and Testament
A Testamentary Trust is established under the Will of a deceased individual. It is an agreement between the testator of the Will and trustee. This type of trust can be established to provide benefits for a spouse, children or any beneficiary who has been selected by the testator. Manage testator’s property and investments as stipulated in the WillFurnish regular investment reports to trust beneficiariesAssist attorney in preparing fiduciary Income Tax Returns for trustDistribute income and principal to beneficiaries as required by trust agreementSupply beneficiaries with regular accounting statements that detail all receipts and disbursements of the trust
A Living Trust is established for the management of property and investments. It is an agreement between the grantor of the trust and the trustee. A Living Trust can be changed or terminated at any time. This enables the trust to be altered to meet changing circumstances that might occur. Assets titled in the name of the living trust avoid probate. Management of property and investmentsProvide quarterly (or more frequent) reports to the Trust GrantorGenerate tax detail worksheet for assistance in preparing grantor’s yearly tax returns
Self-Directed IRA Accounts
This IRA allows a depositor to invest in assets other than bank Time Certificates of Deposit. Assets such as stocks, bonds and mutual funds may be purchased for a Self-Directed IRA at the direction of the account owner. Supply IRS approved documents to establish Self-Directed IRA AccountsFurnish regular investment reports to account ownerDisburse funds as directed by account ownerPurchase investments such as stocks, bonds and mutual funds at direction of account ownerGenerate 1099 and 5498 information for IRS and account owner
Some Trust products are not insured by the FDIC or by any federal government agency.
Some Trust products are not bank guaranteed; are subject to risk and may lose value.