Executor of Estates
We act as the administrator of personal estates to ensure that the documented instructions and wishes of a decedent are carried out. We make sure that assets in the will are inventoried, public notices are published, creditors are identified and paid, all necessary court and tax reports are filed, and assets are appropriately distributed to the designated parties.
Trustee for Revocable Trusts
We manage trusts that are established to provide flexibility and income to a living grantor. In these trusts, grantors are able to alter or cancel provisions until their death when property is transferred to the beneficiaries.
Trustee for Irrevocable Trusts
We can manage a variety of irrevocable trusts including Family Trusts, Irrevocable Life Insurance Trusts, Special Needs Trusts, and Charitable Remainder/Charitable Lead Trusts. These trusts can help people maximize their federal exemptions from estate tax, exclude assets and insurance proceeds from a taxable estate, allow for disabled persons to be eligible for public benefits, or make charitable gifts while defining how assets and/or income are to be distributed to beneficiaries . Irrevocable trusts cannot be modified or terminated by the grantor.
Custodian of Self-Directed IRAs
We serve as custodian of special individual retirement accounts in which the account owner is in charge of making all investment decisions. This type of IRA provides the investor with greater opportunity for asset diversification outside of the traditional stocks and bonds and mutual funds, as real estate, private liens and notes can be purchased.
Qualified Intermediary for 1031 Like-Kind Exchanges
We serve as the qualified intermediary (custodian) for real estate transactions involving the sale of one property with the tax on capital gains being deferred because of the qualified purchase of another like-kind property in exchange. With this type of exchange, there are several important considerations and tax rules to ensure that a tax liability is not created upon sale of the first asset.
Power of Attorney
We may serve as power of attorney for a person who has given broad or limited authority to make legal decisions about his/her property and finances. Powers of attorney often are used in the event of a principal's incapacity due to illness or disability.
Guardian of Property
First State Trust Services may be appointed to serve as guardian or conservator of property in circumstances in which a court declares an individual to be unable to take care of his/her legal and financial matters.