Frequently Asked Questions

The 10 Most Asked Questions About Trusts

Does your department offer services outside of trust services?

Absolutely.  We work with IRAs, agency accounts, and self-directed investment accounts.  We also frequently serve as Executor of an Estate, Court-appointed Conservator, and Supplemental Needs Trustee.  If there’s something we could possibly assist you with, please feel free to give us a call at 785-232-9600.


Why should I utilize trust planning?

With a trust you can not only draw on our broad investment capabilities but also arrange to have us perform any number of special services, now or in the future. These personalized services range from making payments of estimated taxes while you're traveling abroad to providing full personal financial management in the event you suffer an incapacitating illness.

You can name one or more beneficiaries to receive the assets of your trust at your death. These distributions avoid probate. You may also have your trust continue beyond your lifetime, serving as a source of continuing income and support for your spouse, a child, or others whom you designate.

Is creating a trust difficult?

No. To put us to work as your trustee, you take two steps. You deliver the money and/or securities that you wish to place in trust. And you give us your written instructions in the form of an agreement. The agreement, drawn up by your attorney, is signed by you (as creator of the trust) and by us (as trustee). That's all there is to it—also, whoever creates the trust reserves the right to cancel or revoke it.

If I create a trust, can I retain control of my assets?

Absolutely. Our trust clients keep control by: specifying that they may make withdrawals (or additions) at any time, by reserving the right to cancel the trust, and lastly, by reserving the right to give us new or different instructions by amending the trust agreement.

Can I make the investment decisions?

Certainly. Most of our clients look to us for objective, unbiased portfolio supervision because they lack the time or specialized knowledge to do all the necessary investment homework themselves but you can delegate as much or as little investment responsibility as you want in your trust agreement. For example, you might spell out your goals and requirements in some detail and then leave the selection of specific investments to us as trustee.

Are trust or investment services expensive?

No. Our fees are competitive with those charged by investment advisory firms (for services that may not include custodianship of securities, recordkeeping, and other conveniences) or by mutual funds.

Will you assist with a “small” trust?

Most people think of millions of dollars when they hear the word "trust" but that is a huge misconception. Our trust department has developed ways to handle even relatively small trusts efficiently. Unlike many other trust departments, we at KVB do not turn away a trust because it’s a smaller account.

How much of a return on my investments can I expect?

That depends on your goals -- which can be based on your current income plus long-term growth to offset inflation, or some balance of the two -- and on ever-changing investment conditions. As trustee, our goal is to provide reasonably consistent returns over the years. We emphasize careful asset allocation, the selection of quality investments, and constant vigilance.

Who should be the trustee of my trust?

That’s a personal question that we cannot answer for you. We encourage potential customers to reach out to several trust departments, and see which department is the best fit for you and your family. Look for someone -- or a financial organization, such as us -- who has handled every type of market and diverse family dynamics. Your trustee should have a strong legal understanding of the intricacies that may be involved in trust planning/tax planning, a familiarity and understanding of family dynamics as well as professional investment capabilities. The trustee should participate in the financial markets every day, and trusteeship must be treated as a full-time job. That describes us perfectly.

How can I find out more about the services you offer?

Our trust and investment staff will be glad to assemble further information for you, analyze your investment requirements, and answer questions not covered here. Please call on us at 785-232-9600 to speak with a Trust Officer.