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Trust and Estate Services
The First
National Bank of Ottawa Trust Department
provides experienced and professional trust
and estate services, all within the confines
of your community bank. Trust and estate
administration is our full-time job. From
the extensive experience of our trust
department staff to the technological
systems for asset management, The First
National Bank of Ottawa offers unparalleled
fiduciary services, all in a community bank
setting.
Services offered by The First National Bank
of Ottawa Trust Department include:
Personal and Fiduciary Services
The First National Bank of Ottawa offers a
full-line of personal and fiduciary services
that will assist with your estate planning
needs. When you choose The First National
Bank of Ottawa as a trustee, you are
choosing a corporate fiduciary experienced
in handling numerous types of trusts and
estates issues. Personal and fiduciary
services include:
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Living trusts
A
revocable living trust provides an adaptable
framework for management of family funds now
and in the future. The First National Bank
of Ottawa can serve as trustee of your
living trust, taking on the responsibilities
of managing your financial affairs now and
in the future. We listen to you and follow
your instructions as set forth in the
written trust agreement. The trust protects
your finances in case of incapacity, and
directs how assets should be handled and
managed upon your death. Living trusts also
provide you with financial privacy at your
death.·
Testamentary Trusts
A testamentary trust is
established in the last will and
testament of an individual.
Unlike a living trust, a
testamentary trust is not funded
until the death of the
individual. The First
National Bank of Ottawa serves
as trustee of such trusts,
investing and distributing funds
as presented in the individual’s
will.
Special Needs Trusts
Those who care for someone with special
needs know how important it is to have
financial resources to care for that
individual. A special needs trust allows an
individual to receive government benefits
while also receiving supplemental support
from the special needs trust, so long as the
trust is drafted consistently with
governmental guidelines. The First National
Bank of Ottawa is experienced at serving as
trustee of special needs trusts.
Charitable Trusts
Charitable trusts are a great mechanism to
support charitable causes important to an
individual, all the while providing
important tax advantages. The First
National Bank of Ottawa serves as trustee of
numerous charitable trusts and can discuss
with you options to set up your own
charitable trusts.
Land Trusts
Illinois has allowed the use of land trusts
for more than 100 years, and The First
National Bank of Ottawa is experienced at
serving as trustees of such trusts. In a
land trust, the trustee holds title of land
for the beneficial interests of others. The
benefits of placing land in a land trust
include conservation, ease of administration
when property is owned by numerous parties,
and maintaining privacy of ownership.
Life Insurance Trusts
The First National Bank of Ottawa serves as
trustee of life insurance trusts, where the
trust serves as both the owner and
beneficiary of a life insurance policy.
Upon the death of the insured, The First
National Bank of Ottawa serves as trustee
and distributes the insurance proceeds to
beneficiaries as directed by the trust
document.
Guardianship of Estate
The First National Bank of
Ottawa serves as guardianship of
estates when so directed by
courts.
Estate Settlement (Executor/Administrator of
Estate)
Serving as an executor can be a difficult,
time-consuming experience. The First
National Bank of Ottawa has extensive
experience in estate administration,
including collection and safeguarding of
assets, selling property, distribution to
beneficiaries, and preparation of final tax
returns.
Property Power of Attorney
The First National Bank of Ottawa can serve
as your property power of attorney. |
Investment Management Agency Accounts
An investment management agency account
with First National Bank of Ottawa means
having a long-standing institutional
investor manage your funds. The funds
belong to you, but The First National Bank
of Ottawa acts as your agent to invest the
funds. The First National Bank of Ottawa
realizes that every investment management
agency account is unique and each account is
treated so. We examine your objectives and
needs when determining where to place your
assets, as well as draw upon numerous
research resources to find the right assets
for your account. Benefits of an investment
management agency account with The First
National Bank of Ottawa include freeing you
from the day-to-day hassle of managing your
own portfolio and having an institutional
investor manage your funds.
Bill Paying Agency Accounts
Whether you or a loved one need assistance
paying bills, The First National Bank of
Ottawa’s bill paying agency accounts can
help. We collect, manage and pay your
bills, removing the burden of everyday
financial matters.
Investment Custody Services
The First National Bank of Ottawa
provides custodial services involving
safekeeping of assets, and collection of
interest and dividends. We also serve as
custodian of self-directed IRAs.
Corporate Fiduciary Accounts
The First National Bank of Ottawa Trust
Department serves as bond registrar and
paying agent for municipal and public school
bond issues, and can serve as corporate
trustee.
Farm Management Services
The First National
Bank of Ottawa provides a full-array of farm
management services. By becoming familiar
with you, your farm, and expectations for
the farm operation, The First National Bank
of Ottawa can relieve you from the stress of
farm management, while maximizing the use of
your land. Farm services include:
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Negotiation
of lease agreements and discussing with
you the leasing alternative and
financial benefits
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Consideration of optimum crop rotations,
tillage practices and compliance with
government regulations
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Market
commodities
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Farm
Inspection
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Monitor
participation and compliance with
government programs
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Work with
chemical applicator to maintain required
pesticide usage documents
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Recommend
and make sure appropriate measures for
land use restrictions are implemented
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Monitor
program for soil testing and long term
fertility improvement
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Suggestions
for improvement and maintenance of
property
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Keep farm
owner up-to-date and informed of
decisions
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Shannon
Stevens
Chief Trust Officer
Contact Shannon
Stevens via Email
Kevin Steward
Trust Officer
Contact Kevin Steward
via Email
Paul Marshall
Trust Officer / Farm Manager
Contact Paul Marshall
via Email
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