Agency Accounts
Conservator/Guardian
Sometime's life's journey requires a financial overseer to assist our clients during periods of incapacity or when minor aged children need a professional to manage assets held in their name. We have long provided conscientious and courteous service to our clients requiring a conservator or guardian when required by the court.
Attorney in Fact/Power of Attorney
A Durable Power of Attorney can give you the peace of mind that your bills will be paid and your assets managed properly should you become unable to handle your finances yourself because of failing health. Farmers State Bank, acting as your Power of Attorney acts in your best interest when named as your Power of Attorney.
Executor/Administrator
Picking an Executor (or in the case of a customer not having a will, and being appointed Administrator) is probably one of the most important decisions one will make when developing estate planning. Farmers State Bank is well trained to handle complex duties involving taxes and estate rules. We have many years of experience working with families and other beneficiaries of loved ones who have passed on and named Farmers State Bank as their Executor. A corporate executor such as Farmers State Bank can assure that your estate is settled professionally, with dignity and fairness to all parties.
Agency
An agent is a third party appointed by the client to take their place when handling financial matters, whether by personal choice, by disability, or other situation. Agency duties performed by Farmers State Bank, as agent for our clients, include acting on their behalf in all matters ranging from handling financial transactions to bill paying to handling investment transactions. Agency duties may be either "discretionary" where, as agent, the Bank has full authority to act, or "non-discretionary" where we look to the client for concurrence before taking action. Farmers State Bank serves as agent for all types of transactions for our customers.
Escrows
Escrow's are a wonderful way to ensure that a "seller financed" real estate transaction can be managed to protect the buyer and seller until the transaction is complete and title is ready to be transferred. As an impartial party, Farmers State Bank holds Contracts for Deed (CFD's) in escrow until the obligation is satisfied. In many instances, we also receive and record the payments, providing a breakdown of principal and interest to the seller. Escrow payments can be made monthly, quarterly, semi-annually, or even annually.
