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Trust Frequently Asked Questions
Trust Frequently Asked Questions
Q. What exactly are trusts?
A.
Trusts are legal arrangements that can help you accomplish
a variety of goals, particularly when it comes to investment
management, providing income to you and your survivors and
passing along assets and property. Trusts are extremely flexible
and can be custom crafted to fit a wide variety of needs.
In a trust, a grantor agrees to transfer assets to a trustee,
who manages the assets according to the terms of a trust agreement
for one or more trust beneficiaries.
Q. Will I benefit from having a trust?
A.
A
trust may or may not be right for you. A good way to find
out if a trust suits your situation and circumstances is to
call Thrivent Financial Bank at (877) 225-8345 for more information.
Q.
Who does benefit from Thrivent Financial Bank's trust and
investment management services?
A.
Individuals or organizations who want help managing or organizing
their investments and assets, either now or in the future.
Q.
Can Thrivent Financial Bank serve as the executor of my estate?
A.
Yes, we provide this service in all 50 states. By naming Thrivent
Financial Bank in your estate planning documents, you place the
responsibility of managing your estate with professionals who are
well-experienced in these important duties. When you die your family,
local Thrivent representative, or attorney will notify us of your death.
We work with your attorney and your family to ensure the smooth and
accurate disposition of your property and the execution of your final
wishes, according to the terms of your will
To name Thrivent Financial Bank as executor of your estate, simply
have your attorney name, Thrivent Financial Bank as executor or personal
representative in your will. We ask that you forward a copy of the document
to us. No fee is charged until we begin serving as your executor.
Contact Thrivent Financial Bank
Q.
How do I name Thrivent Financial Bank as successor trustee of my trust?
A.
Simply have your attorney list, Thrivent Financial Bank, as successor trustee in your trust.
We ask that you forward a copy of the finalized document to us. There is no charge until we
begin serving as trustee of your trust.
Contact Thrivent Financial Bank
Q.
Why did Thrivent Financial Bank decide to offer
trust and investment management services?
A.
In 1998, AAL, one of the nation's largest fraternal benefit societies, created AAL Trust
Company, FSB, to better serve people's ever-expanding financial needs. In 2001, our charter
with the Office of Thrift Supervision was expanded and our name changed to AAL Bank and Trust,
FSB, to provide banking services, as well as trust and investment services, to the general public. On January 1, 2002 Aid Association for Lutherans and Lutheran Brotherhood merged to form Thrivent Financial for Lutherans.
As a result of the merger our new name is Thrivent Financial Bank.
We are a wholly owned subsidiary of Thrivent Financial for Lutherans, offering the same
quality service people have come to know and trust: personal, professional, convenient
and confidential.
Q.
Can Thrivent Financial Bank draft a trust document for me?
A.
No. Thrivent Financial Bank is not licensed to practice law
and therefore may not draft legal documents such as trusts
or wills. You will want your attorney to represent you by
advising you and drafting your legal documents. Thrivent Financial Bank
doesn't want to replace your current attorney,
accountant or tax adviser; we want to work with you and these
professionals to help you accomplish your goals and simplify your life.
Q.
Am I limited to investing in the mutual funds which are
offered through Thrivent Investment Management Inc., or do
I have other investment options? (Thrivent Financial Bank
and Thrivent Investment Management are both wholly owned subsidiaries
of Thrivent Financial for Lutherans)
A.
You have many investment opportunities through Thrivent Financial Bank.
You may invest in a wide variety of mutual funds
and other appropriate investments, such as individual stocks
or bonds. Your trust administrator works with you to make investment decisions that
are based on your risk tolerance and investment goals. Thrivent Financial Bank uses
Thrivent Investment Management funds in appropriate situations,
but we are not limited to these investments.
Q.
Is Thrivent Financial Bank limited in whom it may serve?
A.
Thrivent Financial Bank is a federally chartered bank and trust company and serves
the needs of the general public.
This means we can help you, regardless of where you live and
whether or not you are a member of Thrivent Financial for Lutherans.
Q.
Why should I use Thrivent Financial Bank rather than my local
bank's trust department?
A.
Using
Thrivent Financial Bank combines the best of both worlds.
You have the luxury of privacy and affiliation with a nationwide
organization and you can have a local liaison through your
Thrivent Financial representative. Thrivent Financial Bank offers its services
nationwide and offers the stability of an affiliation with a not-for-profit
Fortune 500® company that has been doing business since 1902.
Most important, we focus on the needs of each individual
client by providing high quality customized, personal, and ethical
services that meet their unique needs.
Q.
If my assets are currently held in certificate form or in
a brokerage account, and I enter into an account agreement
with Thrivent Financial Bank serving as investment advisor/manager, trustee or
custodian, where will my assets be held?
A.
The
assets will need to be held in your Thrivent Financial Bank account.
We will take care of the paperwork required to transfer the assets to Thrivent Financial Bank.
It is not necessary to surrender certificates of deposit or
sell stocks, bonds or mutual funds, since we can transfer
most assets. The assets are retitled to reflect your account.
Retitling the appropriate assets to your account will not
trigger any income or capital gains taxes.
We can
collect the income, process any purchase or sale transactions,
distribute income as directed and report the account activity
to you.
Q.
I thought a trust company would only manage trusts. What other
services do you offer that impact my day-to-day life?
A.
At Thrivent Financial Bank, we offer many investment
management accounts that do not require a trust. In addition,
we offer other value added services including bill paying, medical
insurance claim management and real estate management.
Q.
What
if I want to be my own trustee? How can you help me in that
case?
A.
To
assist you with investment management and administrative duties,
Thrivent Financial Bank has several options that allow you to delegate some of your
duties to us as investment manager, adviser, or administrative
custodian while you still maintain ultimate control as trustee.
Q.
Do you require a trust agreement to provide current services?
A.
No, you do not need a trust agreement to use our investment
management and administrative services. We offer many different
types of accounts to meet your needs and goals.
Q.
Do you require a minimum investment amount to open an account?
A.
Although each investor is unique, generally we've found that
accounts valued at $300,000 or more receive the most benefit from our services.
Checking, savings and certificate of deposit accounts offered by Thrivent
Financial Bank are obligations of Thrivent Financial Bank and are federally insured
to $100,000 by the Federal Deposit Insurance Corporation (FDIC).
The other products referred to in this site are not deposits, are not Federal Deposit
Insurance Corporation (FDIC) insured, are not insured by any federal governmental agency,
are not guaranteed by Thrivent Financial Bank, and may go down in value.
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