Trust Frequently Asked Questions
Frequently Asked Questions
First Farmers & Merchants Bank has the most comprehensive, oldest, most capable Trust and Financial Management Department in Southern Middle Tennessee. We have been serving Trust needs since 1969 with a full range of asset management services at a reasonable cost. Trust and Financial Management Officers provide personalized, flexible service to individuals and families, as well as small and large companies.
- How are Trusts used?
- What can go into Trusts?
- Is is difficult to set up a Trust?
- Am I required to have a Trust to use your Investment Services?
- How big must a Trust be?
- What kind of return can I expect?
- How can I get more information on the Trust and Financial Management Department at First Farmers?
1. How are Trusts used?
You can use trusts as a structured way to manage and administer your financial affairs, retirement or property. Trusts can help you manage assets for the benefit of your heirs, can help to avoid unnecessary taxes, can assist the transferring of property, can serve as pension plans and can help avoid probate costs.
- Mutual Funds
- Real Estate
- Stocks and Bonds
- Variable Annuities
- Life Insurance
- Personal Possessions
- Capital Management Accounts
3. Is it difficult to set up a Trust?
No. When you name First Farmers & Merchants Bank as your trustee for personal asset management, it is a simple process of delivering the money and/or securities to be placed into trust with written instructions drawn up by an attorney. These Living Trusts are also called Revocable Trusts because you have the right to cancel or revoke them.
4. Am I required to have a Trust to use your Investment Services?
You are not required to create a trust. You may designate us to act as your investment agent without additional relationships. Many of our clients have chosen Trust accounts as well because of the variety we offer and the convenience of having Trust officers of First Farmers meet with them either at the Main Office or any of our branches in six counties in southern middle Tennessee.
5. How big must a Trust be?
There are plenty of misconceptions about the size of trusts. First Farmers & Merchants Bank handles the simple and the complex - we have the resources and know-how to service any account. You can always meet with a Trust Officer to discuss which services might be right for you and your family.
6. What kind of return can I expect?
Our goal as trustee is to determine your goals - income or future growth, or both - and then provide a consistent return over the years. Your objectives along with our expertise should provide a quality investment for you throughout the life of the account.
7. How can I get more information on the Trust and Financial Management Department at First Farmers?
You may e-mail us at email@example.com anytime. Choosing a Trust and Financial Management Department is as important as the type of trust you choose or what goes into the account. We are interested in talking with you. E-mail or call us today at 800-882-8378 or (931) 388-3145.