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Comprehensive trust services from a trusted name in banking. Since 1836, families and businesses in this area have turned to B&K for experience and expertise in the complex realm of long-term financial planning and management. Today, Britton & Koontz, the only local Trust Department in Natchez, is responsible for $13.9 million in assets. B&K provides comprehensive trust services, including financial management of investments, estate settlement and other personal matters. B&K can offer, with integrity and confidentiality, a wide variety of trust services designed to meet your specific goals. Email us: Answers@bkbank.com Personal Trust and Estate Services As trustee of a personal trust, living or testamentary, Britton & Koontz provides a wide range of personal assistance as you make decisions concerning management of your assets both during your lifetime and after. B&K can assist in accessing the expertise needed to put an effective estate plan in place for you and your family. B&K can serve as Trustee, Co-Trustee or Successor Trustee, invest and manage your assets for your benefit (living trust) or for the benefit of your heirs after death (testamentary trust). A Living Trust has many invaluable advantages and features, including serving as a partial substitute for a will. Unlike a will, the assets in a trust are not subject to probate or public record and scrutiny. Most Living Trusts can be amended or terminated at any time, as well as possibly reducing estate taxes as trust assets do not pass through probate. A Testamentary Trust is written into and created by your will. Depending on its terms, your trust can often result in substantial estate and inheritance tax savings. After probate is settled, the Trust Department manages the after-tax assets as trustee and assumes responsibility for carrying out your long-term objectives. According to your specifications, the trust department would make investment decisions, collect income and pay it to your beneficiaries, then terminate the trust and distribute the remaining principal to your heirs. Guardian and Conservator Services Britton & Koontz can serve as guardian of a minor's property until he/she comes of age. Our bank can also serve as conservator or guardian of the estate of a person who is unable to handle his/her own finances. The bank safeguards and manages assets in our care, pays bills and medical expenses, and provides detailed reports of transactions. Custodial and Agency Accounts A custodial or agency account allows you to trade with your favorite broker while the bank holds your investments. Our trust department will collect and distribute or accumulate income from these investments and provide a complete accounting of your transactions and assets and their current market value. Estate Administration Britton & Koontz can be named in your will to serve as your executor. The protection and expertise of a financial institution, along with elimination of the inevitable conflicts that can arise from encumbering a family member with this difficult and emotionally draining task are invaluable. We can inventory and collect the estate assets; maintain, manage and safeguard these assets; pay debts of the estate; pay estate, inheritance and income taxes of the estate; distribute assets according to your will; and prepare a final accounting for Probate Court. Self-Directed IRA Accounts Individuals wishing to invest their IRAs in investment products other than savings accounts or certificates of deposit can utilize our self-directed IRA accounts to invest in stocks, bonds and other securities. Intermediary/Trustee For Real Estate Exchanges Britton & Koontz can serve as an escrow agent, allowing a seller to complete a non-simultaneous real estate exchange to postpone capital gain taxes. Britton & Koontz holds the sale proceeds in an interest-bearing account while the seller locates a like-kind replacement property to purchase. EPA Standby Trust Britton & Koontz holds funds the EPA requires to be set aside for clean-up, plugging and abandonment of salt water wells. The operator of the oil well collects funds from the oil well owners and deposits these into interest-bearing money market funds, certificates of deposit or savings accounts. The trust department holds or distributes these funds when directed by the Mississippi Oil & Gas Board, prepares grantor tax returns, and provides annual reports to the Mississippi Oil & Gas Board.
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