PRODUCTS & SERVICES

The process of administering an estate or trust can be a complicated and stressful experience. Our Trust staff is highly trained in fiduciary matters. We will carry out these duties in a professional manner and will exceed the ethical guidelines for our profession. Your surviving spouse or children will not need to worry about how to address these matters, as we will handle these duties for you in a prompt and efficient manner.

Estate Settlement

Estate settlement services are necessary when you die owning assets in your name alone.  The settlement of your estate will be governed by the terms of your will and by state law.  If you name Chemical Bank to serve as your personal representative in your will, then we will work with your attorney and the probate court to provide a smooth settlement of your estate and a prompt distribution of your estate assets. The personal representative is responsible for payment of all funeral and administration expenses, debts, filing and payment of income, estate, and gift taxes, proper filings with the probate court, and distribution of estate assets. The settlement of your estate will be governed by the terms of your will and by state law.

Trust Administration

Trust administration services will avoid dealing with the probate court after death and may reduce the amount of estate taxes that are due if you have significant assets and have obtained proper estate planning.  Similar to estates, your trust will be governed by the terms of your trust agreement and by state law.  Trusts may continue after the death of an individual, or they can terminate after a period of administration.  Chemical Bank, as your trustee, will work with you during your lifetime, and subsequently, with your beneficiaries in the administration of your trust.  The trustee is responsible for the management of the trust assets during the term of the trust and for proper distribution of trust assets.

Each trust or estate account will have a dedicated personal trust officer and a trust investment officer for comprehensive management of the investments, dependent upon many factors including the term of the trust and the number and types of beneficiaries.  The personal trust officer and the trust investment officer will meet with any co-trustee and the beneficiaries on a regular basis to evaluate the portfolio and to assess the performance of the investments.

Custody

If you wish to make your own investment decisions, you may wish to use Chemical Bank for providing custodial and safekeeping services of the assets in your account. In this case, you will receive periodic statements, safekeeping of assets, efficient execution of trades, and all required tax reporting information.

Statements and Online Access

Each client has the option of receiving regularly printed statements or may choose to receive a statement in an electronic format through the computer. Both printed and electronic statements will provide complete reporting of all transactions during the period and a listing of assets held on the statement date.

Bill Payment and Record Keeping

As a Chemical Bank Trust and Investment Management Services client, you may choose to have Chemical Bank take on the responsibility of paying bills from your account. This enables you to focus on important personal matters, while we assume the responsibility of timely payments of your bills. In addition to bill paying, we also offer accurate record keeping of all transactions within your account. This service includes tracking the cost basis of each asset, which is necessary for proper tax reporting of gains or losses on the sale of an asset.

Tax Preparation

Chemical Bank’s Trust and Investment Management Services Group partners with Fiduciary Solutions, Inc., for preparation of all income tax returns related to the trust or estate. In addition to the preparation and filing of the fiduciary tax returns, each beneficiary who receives a distribution from a trust or estate will also receive notification of the taxable income that must be reported on his or her individual income tax return.