Trust Services
Maintain the privacy you deserve by creating a trust–our advisors can help you choose the best option for you and your family.
Maintain the privacy you deserve by creating a trust–our advisors can help you choose the best option for you and your family.
A trust assures that you direct how your property (i.e., stocks, bonds, real estate or cash) is distributed. Trusts also provide guidance and protection for you and your beneficiaries when unexpected financial needs arise.
Our trust experts will relieve you or your beneficiaries of the day-to-day management and administration of your assets. This creates a smooth and efficient wealth transfer process free of conflict or mistakes.
A trust plan may also create substantial tax savings. Assets placed in a properly drafted trust may avoid taxation for your spouse, children and future generations.*
Created during your lifetime, a living trust is a legal document where you designate someone, called a trustee, to manage your property and administer the trust. For example, you can name yourself a trustee with Byline Bank being named as your successor trustee to take control of your trust and administer it after your death.
Unlike a will, a trust and the contents of your estate remain confidential and are not disclosed in public records. Plus, the property in a trust (i.e., stocks, bonds, real estate or cash) passes automatically to successor beneficiaries and avoids probate.
Generate good will while benefitting from the tax advantages that come with charitable trusts to reduce your taxable income. Charitable trusts can either be set up during your lifetime or as part of a testamentary trust. Our trust advisors can walk you through your options.
A foundation is a legal entity with a constitution and board of directors. The foundation is controlled by the board. If you want to establish a charitable foundation in your family’s name, our wealth management team can help you get started and deliver a solution.
Being the executor of an estate can be time-consuming and costly. Let our trust specialists manage it all for you.
Settling an estate is anything but simple. Estate and income tax returns must
be prepared, a variety of assets and cash flow must be managed, and legal
and tax requirements must be met. Our team of investment managers and
trust specialists will work with your family and other beneficiaries to settle
your estate diligently, efficiently, and sensitively.
Court-supervised guardianships are needed to manage estates of persons,
including minors and adults, found by a court to be unable to manage their own financial affairs. Byline’s wealth management team can be the court-appointed estate guardian for these individuals and determine their needs to ensure matters are handled in accordance with prescribed laws.
Also known as a testamentary trust or will trust, a trust under will is established based on the instructions contained in a last will and testament. After the probate process, your will directs how your estate’s assets will be managed and distributed to your beneficiaries.
In consultation with your lawyer, you provide instructions for how your property is managed and distributed after your death. With a trust under will, you continue to own and control your property during your lifetime. You can also change your will as the needs of your family change. Byline can be named trustee, co-trustee and/or executor in your will and assumes responsibility for distributing your assets after your death.
Complex and challenging, fulfilling the administrative duties of a trustee is time-consuming. From ensuring the trust assets are protected to providing detailed accounting to beneficiaries, costly mistakes can be made when an appointed trustee is not a professional.
By appointing Byline as your agent, trustee, or executor of the estate, you retain fiduciary control while we provide expert guidance, handle administrative duties and custody assets, and make directed distributions. We maintain discretionary distribution records, detailed tax management and reporting, and also provide internal investment management services.
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