As you age, planning must be done for potential reductions in mental capacity. A general power of attorney naming a spouse or family member as agent is sometimes appropriate. However, when you have complex circumstances or no family members with sufficient time, integrity, proximity and competency to be the fiduciary, a revocable living trust naming a corporate trustee is often the best solution.
One of the significant benefits of creating and funding a revocable living trust is that it encourages you to review the entirety of your financial situation, get organized, and trim down excessive complexity. The time to do this cleanup is while you still have the energy and mental acuity to do it.
Determining the trustee of a revocable living trust is extremely important. Many people choose a financial institution with a strong reputation in this area, such as Univest Bank and Trust Co. to serve in this role. The Trust Services team at Univest is trained to offer patient, knowledgeable assistance in reducing clutter that may accumulate within your financial plan over the years and many clients report that the relief they feel after this financial organization is the best part of the whole process.
The decluttering of financial affairs also has the added benefit of simplifying and speeding up the estate administration process after the death of a client. If a bank trust officer is already managing your assets and expenses, the estate administration process is more streamlined and efficient.
Univest provides our trust customers with one-on-one attention that is often not found at large, less personal banking institutions. You will have access to a compassionate, common-sense professional who is familiar with your situation and is available to answer questions about important issues such as Medicare, taxes, investments and bill payments.
The Univest trust department has been serving clients since 1928. We have the personnel and resources to manage complex trusts for high-net-worth individuals as well as straightforward trusts for those of more modest means. We deliver our services personally and professionally. If you would like to learn more about our capabilities and services regarding revocable living trusts, please contact us at 215-799-2959.
Trust services are offered through Univest Bank and Trust Co. Products and services offered are not FDIC insured, are not a deposit of or bank guaranteed, and are subject to risks, including possible loss of any principal amount invested.