Types of Accounts

Living Trust – A Living Trust is created during the lifetime of the Grantor who typically creates and funds the trust account. The trust account in turn, distributes income and principal to the Beneficiary or Beneficiaries designated by the Grantor. The account is managed by the Bank as Trustee either solely or jointly with a Co-Trustee. The trust agreement contains the provisions for the structure of the trust. The trust can be either revocable or irrevocable. A revocable trust is one that can be revoked or cancelled by the Grantor. An irrevocable trust is a trust that cannot be revoked. A Living Trust offers many useful features including professional investment management, bill paying, collection of income, asset protection and avoidance of probate.

Testamentary Trust – A Testamentary Trust is established by a Grantor to take effect after his or her death. It can be written as a stand-alone trust agreement or as part of a Last Will and Testament. As part of a Will this type of trust is referred to as a Trust Under Will. After death, designated property passes to the Bank, as your assigned Trustee, with special instructions already decided by you, the Grantor, as to how the income and principal should be distributed between family, friends, organizations, etc.

Estate Settlement Account – When a person dies, the total of their remaining assets is known as an Estate. You may choose to name the Bank as Executor of your Estate within your Last Will and Testament to carry out your final wishes regarding the distribution of your property and assets. The Bank can also serve as an Agent in assisting a friend or family member you have named to be the Executor. Naming the Bank as your Executor, Co-Executor or Agent can avoid placing additional stress on family members and loved ones. By naming the bank, a team of experienced professionals becomes responsible for collecting and making an inventory of the assets, paying taxes and expenses, preparing a house for sale, accounting for all financial transactions regarding the estate and distributing the remaining assets to those legally entitled to them. The Bank will work closely with your Attorney in settling your Estate and will also employ other professionals as needed including Accountants, Appraisers and Realtors.

Power of Attorney Account – Power of Attorney agreements are created by a person known as the Principal to assist in managing their affairs during their lifetime in the event they become incapacitated. The Principal names an Agent to assist them with their financial, property and medical decisions. An Agent can be an individual or an institution like a Bank. A Bank can assist with financial and property decisions for an individual in the event of incapacity. However, a Bank will not typically make medical decisions for a person.

Guardianship Account – Guardianships are established by court order for the benefit of a minor or incapacitated person. A Guardianship may also be established voluntarily by an individual who asks the Court for assistance. A bank can act as Guardian of the Estate. In this capacity, the Bank receives, holds and manages assets for the benefit of a minor or incapacitated person.

Investment Account – Fischer Financial Services, Inc. provides continuous investment management services to individuals and institutions based on the specific needs of each client. In order to understand your particular needs, the portfolio managers at the firm conduct a consultation and analysis of your investment portfolio. After reviewing your portfolio, the firm drafts a written investment plan listing all investments to be bought or sold, as well as the amount of securities to be bought or sold. Fischer Financial Services, Inc. manages both taxable and tax exempt accounts.