Estate planning at Valley

Yes. Trusts can be named as POD beneficiaries on Valley deposit accounts including checking, savings, CDs, and money market accounts. You will need to provide the trust name, date established, and trustee details when completing the POD designation form.

Yes. Valley deposit accounts including checking, savings, money market, and CDs can be retitled to a revocable living trust. Visit a Valley branch with your trust document or Certificate of Trust, government-issued ID for all trustees, and the trust tax identification number. Valley Wealth & Trust can also serve as trustee or co-trustee.

No. IRAs cannot be titled to a trust. However, you can name a trust as the beneficiary of your Valley IRA. Consult a tax advisor before doing this, as there are significant tax implications for trust beneficiaries under the SECURE Act distribution rules.

Valley Wealth & Trust, with almost 100 years of trust experience, can serve as trustee or co-trustee offering professional asset management and administrative services. This includes managing and investing trust assets, distributing income and principal per trust directives, keeping detailed records, preparing tax returns, and providing beneficiaries with regular account statements. A dedicated trust officer is assigned to each account.

Valley Wealth & Trust provides comprehensive estate settlement services. If you have been named executor, Valley can assist with probating the will, locating and inventorying estate assets, securing and preserving assets during administration, paying estate expenses, collecting debts owed to the estate, keeping accurate records, arranging for preparation and filing of required tax returns, and distributing estate assets to heirs.

Yes. Valley Wealth & Trust can act as agent for executor or trustee, performing many of the administrative functions on your behalf. This is helpful for individuals who are unfamiliar with the duties and responsibilities involved in serving as executor or trustee. Contact Valley Wealth & Trust at 973-305-3500 for details.

Valley offers the Milestone Checking account for customers age 55 and older. This account has no monthly fee, no minimum balance requirement, and includes unlimited check writing along with a Valley Visa Debit Card. The minimum opening deposit is $100.