As a locally owned and operated company, Old Point Wealth Management provides direct, "hands on", personalized service with a teamwork approach for each trust under our administration.
A Trustee/Fiduciary's Responsibilities and/or Functions
Be loyal to the trust and carry out the provisions of the trust document in a fair and impartial manner.
Exercise prudent judgement in the management of the trust assets
Perform the day-to-day administration of the trust
Be aware of current fiduciary income tax, estate tax, gift tax, generation skipping transfer tax and their impact on the trust & beneficiaries
Upon termination of a trust, determine proper expenses and taxes to be paid, and distribute the trust in accordance with its terms.
Types of Trusts & Their Goals
Revocable Living Trust (RLT)
Created during one's life, a RLT is flexible in that the grantor (creator) can amend the trust to address changing family and tax circumstances. The RLT provides for protection of assets during periods of disability, continuity of wealth management for future beneficiaries, and, if properly funded, reduced probate costs and a high level of privacy. In proper circumstances, a revocable trust can provide estate tax savings in the transfer of wealth.
A trust that is created under the terms of a person's Will and becomes active only at the death of that individual. Depending upon the value of one's estate at their time of death, properly structured testamentary trusts may result in substantial estate tax savings for a family.
Special Needs Trust
A trust established to improve the quality of life for the beneficiary without compromising his or her eligibility for public benefits. The two primary types of special needs trusts are Self-Settled Special Needs Trusts and Third-party Special Needs Trusts.