Prosperity Bank has grown into one of the region's largest and most trusted financial institutions — but the key to their strength has always been a focus on each local community they serve.
In keeping with that spirit of neighbors serving neighbors, the bank is proud to introduce two new members of the Wealth Management and Trust Services team in the Bryan-College Station area, both of them local residents.
The first is senior vice president and trust officer Jennifer Sells, whose children are proud Aggies. With more than three decades of banking experience in Central Texas, she brings a high level of expertise in trusts, estates and investments.
The other new team member is Kaitlyn Valek, an attorney and trust administrator, soon to become a trust officer.
“Their expertise can help guide you as you set up a trust, manage an estate, decide what kind of investments are right for you or simply figure out the best way to roll over your 401(k),” said John Maupin, executive vice president and regional trust manager.
Understanding trusts and investments can be complex terrain to navigate, so Maupin offered these insights.
Do I need a trust?
Among the many benefits of having a trust are protection and management of assets, privacy, and ensuring a seamless transfer of wealth to your beneficiaries and while managing estate taxes.
The assets you can place in a trust include anything of value that you own, from stocks, bonds and cash to your home, a cattle ranch, even an oil well.
Basically, there are two types of trusts, revocable and irrevocable.
Revocable trusts
With a revocable trust, you’re in control. You can access your assets, make changes to the trust, or dissolve it at any time.
With a revocable trust, your beneficiaries can avoid probate, a lengthy and expensive process that makes your information public, and one that can also lead to family disputes.
A revocable trust is also important for people who cannot manage assets on their own, such as minor children or someone unable to care for themselves. With a person who has Alzheimer’s, for example, the trustee can manage funds, avoid court-supervised guardianship, keep distributions private, and allow for tailored support, even to arrange and pay for such crucial needs as their long-term care.
Irrevocable trusts
With an irrevocable trust, the grantor permanently transfers assets to the trust, losing ownership, control, and the ability to make changes.
It also provides a smooth transfer of your estate to your beneficiaries and tax advantages, as well as anonymity and more. But one of its main benefits is protecting your assets against lawsuits and creditors.
“Say you have an accident and are sued. The trust, which owns your assets, can’t be sued because it didn’t do anything wrong. So everything in it is protected,” said Maupin.
This can also make it a good choice for a small-business owner, whose assets and family livelihood are tied up in the company.
Managing your investments
Whether your investments are held in a trust or not, you need to preserve and grow them — and the expert guidance of Prosperity’s Trust team can make all the difference.
Prosperity Trust acts as a fiduciary — not a stockbroker — and the distinction is important. A fiduciary is legally required to act in your best interest, even if a different choice would be better for the bank.
That’s why, from the start, they go to great lengths to personally know each individual client.
“Before we invest your funds, we need to really understand who you are. What’s going on in your world? What are your goals? What is your risk tolerance?” said Maupin. “We put all that information together, then construct an investment portfolio built on your personal profile.”
After that, of course, “life happens” — a marriage, the birth of twins, retirement — so the Prosperity team checks in with clients regularly to keep up with any changes in their lives.
If you live in the Bryan-College Station area, let Sells and Valek help you make the right financial decisions, with the expertise and understanding that has always set Prosperity Bank apart.
For more information, visit prosperitybankusa.com.
