Newspaper Page Text
Trusts: How they work
and what they can do
By John Weaver
For the Forsyth County News
Trust. Whenever you have
a relationship with someone,
you’re trusting that the person
in question will be honest and
fair with you whether
you’re making a purchase
1 from a local merchant, hiring
someone in your business, or
simply dealing with family,
friends, and neighbors on a
regular basis.
And, typically, in these
types of relationships, you
know what the word “trust”
implies: both trusting others
and being trusted yourself.
But when it comes to the
word “trust” as used in finan
cial planning, many people are
unfamiliar and inexperienced.
They’ve probably heard the
word used and they probably
• have a vague idea, of what a
trust does, but they’re not sure
how a trust fits into their
financial picture.
With this in mind, this arti
cle will take a look at trusts in
general what they are, how
c they work, and what they can
2 do for you.
What is a trust?
. Basically, a trust is a legal
relationship in which you, as
grantor (or creator of the
trust), transfer property to a
trustee (our institution, for
example) for the benefit of
? one or more beneficiaries.
J The trust document, draft
ed by your attorney, sets forth
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your desires as to the duration
of the trust, the powers and
duties to be given the trustee,
the time and manner of the
distribution of the trust
income and principal, and the
rights of the beneficiaries.
You give the trustee legal
ownership of the trust proper
ty for the trust term. The
trustee is legally bound to
manage, invest and disburse
that property in the manner
you describe in the trust docu
ment.
Types of trusts
Put simply, there is no such
thin as a standard trust.
Instead, every trust is tailor
made to fit the financial needs
and goals of the grantor.
Trusts thus come in several
varieties. For instance, a trust
may be testamentary (created
by the grantor under his or her
will) or living (created by
agreement during the grantor’s
lifetime). Furthermore, a liv
ing trust may be either a revo
cable trust (a trust that can be
altered, amended, or even ter
minated with all trust prop
erty returned to the grantor
at any time) or an irrevocable
trust (a trust that cannot be
changed).
In addition, a trust may be
created for any number of
beneficiaries (including the
grantor himself) and may pro
vide for just about any method
of trust-property distribution
that the grantor desires. (Many
grantors choose to provide
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that trust income be paid to
one beneficiary for his or her
life, with the remaining trust
property to be paid to another
beneficiary or beneficiaries
when the income beneficiary
dies.)
What a trust can
do for you
Trust have many uses. For
example, you can create a
trust:
• As a “pour-over” vehicle
for your estate assets,
designed to hold and manage
your property for the benefit
of your heirs after your death.
• As a receptacle for the
life insurance proceeds to be
collected upon your death.
• For the professional man
agement of your investments,
such as stocks, bonds and real
estate, during your lifetime.
• As a means of providing
for your child’s education or
for the care of a handicapped
dependent.
• For use in conjunction
with your retirement planning.
• As protection against the
mismanagement or non-man
agement of your assets in the
event you become temporarily
or permanently unable to man
age them yourself.
• As a tax-savings device.
In sum, a trust is an
extremely flexible financing
planning tool, and can be set
up to meet your individual
objectives, whatever they may
be.
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STOCK MARKET UPDATE
- - .
market in brief stocks of local interest
At the closeof Sign Stock Last Change
?’ Aug, 17,2001: ATG AGL Resources 23.66 -0.19
1 ’’ BLS BellSouth Corp. 38.92 -0.55 ~
DOW -151.74 CCE Coca-Cola Enterprises 15.34 +0.05
<***<>'* r DELL Dell Computer 23.03 -2.35
DAL Delta Air Lines 39.93 -0.94
B On 240 F Ford Motor Company 21.70 -1.77
I % change: -5.06 GP Georgia Pacific 36.75 -0.41
GM General Motors 59.47 -3.10
HD Home Depot 49.23 -0.66
JF INTC Intel Corp. 28.06 -2.10
KO Coca-Cola Company 47.54 -0.17
S&PSOO -19.69 R MCD McDonalds Corp. 30.00 +0.30
; MSFT Microsoft 61.88 -2.74
gr ' PEP Pepsico Inc. 45.68 -0.27,
RGBK Regions Financial 31.02 -0.81
BB|BHH*£t' ,1>161.97 spa Scientific Atlanta 21.24 -3.77
changc: ~ 1199 SO Southern Company 22.87 -0.28
i STI Sun Trust Banks 69.88 -0.56
RF T AT&T 19.32 -0.26 ‘
‘ TSN Tyson Foods 10.39 -0.15
NASDAQ VRSN Vcris '8" 4665 - 101
nMQWFVM w.oi WMT Wal-Mart Stores Inc. 50.80 -0.89 k
I _
» . 2 , ODahlonegaSC *
MmlMB ' IJi'* John Weaver
SECURITIES
Naming your
trustee
Trusts, then, can serve a
variety of purposes. But a
variety of trustees may not
serve your purpose.
Even the best trust may fall
short of its mark in the
absence of a competent, fully
qualified trustee.
We possess all of the quali
ties essential to the proper
mation and to register, call
Betty Williams at (770) 531-
5681.
FORSYTH COUNTY NEWS Sunday, Auguat 18,2001 I
administration of a trust: years
of experience in trust adminis
tration, know-how and re
sources in the area of invest
ing, knowledge of tax and
accounting principles and
much more.
With our knowledge and
experience, and backed by the
vast resources of First Union
Corporation, the sixth largest
bank holding company in the
country, Wheat First Union
offers a broad array of trust
mjUfiIAiSSaHK
■ Anju Bhushan, Jacqueline Pearson, ■
■ M.l>. is .i diploinaie M.D.. MS graduated
Bof the American with honors from R ! Mf
Hftk Board of Internal the University of *>. d
Medicine She grad- Florida College of
Hk JMI uated from Medicine. She ,
I Pennsylvania State pleted her residency MAE Jttil
University as a a| ( | )c lllec |j ca | college of Georgia and Is
member of Phi Beta Kappa and went ~ di |omate of thc Anlerican Board of '
on to Jefferson Medical College in jnicrna| Dr a)s() |if)k| I
Philadelphia. She completed her intern- ~ . - t • t 1 >
. ... a Masters degree tn exercise physiology, t
ship and residency in internal medicine t t . •* ’
* . .. „ . and is a member of Ihe National
at Emory University. Dr Bhushan now „ »
enters private practice after working as Osteoporosis Foundation. Dr. Pearson, <
a faculty physician at The Emory Clinic cnters P riva,e P racllcc af,cr workin « I
and Emory University. She is a member facul, y physician at the Emory Clinic Hl*l ,
of the American College of Physicians. Emory University.
Providing comprehensive medical care for the
prevention and treatment of adult diseases
Hypertension Women’s Health/Menopause ~ '
Annual Physical Thyroid Disorders
Allegy/Asthma Diabetes ‘ »
High Cholesterol Obesity/Weight Loss
Arthritis/Osteoporosis Heart Disease
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30 Tri County Plaza
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J
I Under New Ownership!
I
o Independently owned and operated.
services to fit your needs. Ask
your financial advisor abom
trust services today.
John Weaver is a senioi
vice president/investnient ofii
cer with the investment firn,
First Union Securities in
Cumming. For more infortna
tion, please call him at (678,
455-0016 First Union
Securities Inc. Member Nev
York Stock Exchange an:.
SI PC; 1999 First Union
Securities.
PAGE 7A