Introduction to Trusts - Overview

If you are new to trusts, or would like to understand the basics, look at the items below. Click on the 'more detail' link to learn more about a particular topic.

What is a personal trust?

A personal trust is a legal arrangement that you create, with the help of your attorney, to ensure that your assets are managed according to your wishes. A personal trust can be beneficial throughout your lifetime and beyond.

What can a trust do for me?

There are many types of trusts that provide a wide range of benefits which include preparing for retirement, minimizing taxes, and obtaining asset protection under Alaska law. Trusts can also provide for family members or even organizations. Your attorney can help you choose the trust that is right for you.

Who can benefit from a trust?

With their varied estate planning options, trusts can benefit people in many circumstances, including those who desire to limit probate proceedings and those with blended families or children with special issues. If you have an estate subject to estate taxes, own real estate in more than one state, are employed in an occupation prone to lawsuits, or feel you may need help in managing your financial affairs, a properly crafted trust can help protect your assets.

How do I prepare a trust?

There are several steps to create a trust, but in all cases you must enlist the help of a knowledgeable attorney that will work with your financial, tax, and insurance advisors to create a trust that will best fit your individual needs and goals. If you do not know an estate planning attorney, we can provide a list of Anchorage attorneys who are active in the estate planning community.

Alaska USA Trust Company will then work with your attorney to ensure that the completion and implementation of your trust fulfills your needs and expectations. Trust officers will be happy to meet with you on questions you may have regarding our services.

What does a trustee do?

The trustee assumes responsibility for the proper administration of the trust. Among their many duties, a trustee:

  • Establishes bookkeeping procedures and performs ongoing accounting.
  • Develops, reviews, and manages the investment portfolio.
  • Collects, tracks and records all assets.
  • Prepares trust tax returns and provides tax information to beneficiaries.
  • Communicates and makes payments to beneficiaries.
  • Manages diverse assets such as real property or businesses.

Why choose Alaska USA Trust Company as my trustee?

While you can name anyone as your trustee, Alaska USA Trust Company will serve as a trustee who is experienced, attentive, and unbiased toward your personal affairs.

  • Trust officers at Alaska USA Trust Company will honor your wishes with dedication and objectivity. Family members or friends may not have the time or impartiality necessary to manage the details of a trust.
  • Alaska USA’s trust officers are non-commissioned and will care for your assets with expertise. Family members or friends may not have the ability to invest appropriately, which could result in low return assets that do not keep up with inflation or in unnecessarily risky ventures.
  • Alaska USA Trust Company offers the same service, value, and convenience that you have come to expect from Alaska USA Federal Credit Union.

How do I monitor my trust?

You can view trust information online 24/7 with our Trust Reporter account access service. In addition, statements are sent to you each quarter.