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Why is AndroscogginTrust different?


As a fiduciary, we are honored by the ultimate responsibility that has been entrusted to us. AndroscogginTrust is committed to that responsibility. It begins with personal relationships and is reinforced by our expertise managing assets and our years of fiduciary knowledge and experience.

Androscoggin Bank is an independent financial institution which specializes in personalized service. Our independence is your freedom - we don't answer to shareholders or Wall Street. Our only priority is you. When you're discussing your financial future and wealth management, we always remember that there are real faces behind your numbers.

AndroscogginTrust is a division of Androscoggin Bank; one of a handful of independent, mutual financial institutions that offer brokerage, trust, estate and advisory services - all under the same roof.

What is wealthy?


When you consider your wealth, do you include all of your current and future assets? Do you account for future earnings and expenses? Do you count your retirement, college and rainy day savings vehicles? Think about future inheritance, properties, portfolios and dividends. Add it all up and come to realize – You Are Wealthy!

AndroscogginTrust Services can help you organize, account for and plan on your future needs and goals. If you have children, a business, properties, loans and other obligations, a living or irrevocable trust will create peace of mind – no matter your circumstances.

  • 401(k)
    A retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn.
  • Administrator
    The entity appointed to collect, manage and distribute a decedent's estate when there is not executor.
  • Attorney-in-Fact
    A person with the power to act for another person (the 'principal') under a document called a 'Power of Attorney'; sometimes referred to as an agent.
  • Beneficiary
    A person entitled to any income or principal of an estate or trust.
  • Bequest
    The transfer of property upon the owner's death according to the will of the deceased.
  • Bonds
    Also known as fixed-income securities, bonds refer to any securities that are founded on debt. When you purchase a bond, you are lending out your money to a company or government.
  • Custodian
    An agent who holds and safeguards the assets of a trust.
  • Endowment
    A principal sum, permanently set aside and invested by a charity, with only the income used for charitable purposes.
  • Escrow Account
    An account from which funds can be disbursed only for specified reasons; i.e. the money is held in trust for a specific use.
  • Estate
    Most commonly used to describe the property of a decedent that is administered by an executor or administrator and distributed according to a will.
  • Estate Taxes
    A tax imposed on the decedent's estate for the transmission of property at death.
  • Executor
    The agent named in a will to carry out (or 'execute') the provisions of that will.
  • Fiduciary
    An agent or institution that manages money or property for another; someone in whom another places great trust and has a right to expect great loyalty.
  • Financial Power of Attorney
    A document by which one person (the 'principal') can authorize another person or agent (the 'attorney-in-fact') to act for him or her in financial matters.
  • Grantor
    The person setting up the trust and transferring assets to that trust; also trustor or settlor.
  • Guardian of the Estate
    A guardian of the estate of a minor or incapacitated person manages the property of the ward for the ward's benefit.
  • Intestate
    A will is a 'testament' and a person with a will is 'testate,' so a person who dies without a will is 'intestate.'
  • IRA
    Individual Retirement Account
  • Irrevocable Trust
    A trust which cannot be changed (modified) or canceled (revoked) once it is set up.
  • Living Trust
    A document with which you direct the transfer of your assets at your death. A living trust helps assets pass outside of the probate process, can continue after your death, and is revocable at any time.
  • Money Market Funds
    A Money Market Fund is a more conservative alternative to the Mutual Fund. Investing mostly in Treasury Bills, certificates of deposit and other asset-backed securities.
  • Mutual Funds
    A mutual fund is a collection of stocks and bonds. When you purchase a mutual fund, you are pooling your money with that of a number of other investors, which enables you (as a part of the group) to pay a professional manager to buy and sell specific securities for you.
  • Personal Property
    Property that is not 'real property' (land and buildings).
  • Personal Representative
    The executor or administrator of a decedent's estate.
  • Probate
    The process by which a will is proven to be the validly executed last will of the decedent. Can also refer to the entire court-supervised administration of a decedent's estate.
  • Real Property
    Property that is land or improvements to land (buildings, gardens, etc).
  • Settlor
    The person setting up the trust and transferring assets to that trust; also grantor or trustor.
  • Stocks
    Upon purchasing a stock, or equity, you become a part owner in the company. This entitles you to vote at shareholders’ meetings and allows you to receive any profits that the company allocates to its owners. These profits are called dividends.
  • Testament
    Also known as a will.
  • Testamentary Trust
    A trust created by a will.
  • Testator
    A person who makes a will
  • Trust
    A right of property, real or personal, held by one party (the trustee) for the benefit of another (the beneficiary).
  • Trustee
    The agent responsible for the administration of a trust.
  • Trustor
    The person setting up the trust and transferring assets to that trust; also grantor or settlor.
  • Will
    A document by which a person can direct the distribution of his or her estate at death. Also know as a 'testament'.
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    Wealth Management


    Financial Planning  Financial Planning

    Trust Services  Trust Services

    Investing  Investing

    Estate Planning  Estate Planning

    Events  Events

    What is a Trust?


    A Trust is a fiduciary relationship in which a trustee is required to provide care and management of assets for a beneficiary or multiple beneficiaries. The trust is created by a trust document (basically a contract) which directs the trustee to manage and use the trust assets in a manner that provides for the beneficiary or beneficiaries according to the wishes of the person who created the trust.

    Different types of trusts are used to achieve specific estate planning objectives including reducing estate tax liability, protecting assets and avoiding probate.

    Types of Trusts


    Revocable Trusts vs. Irrevocable Trusts
    A revocable trust is created during the lifetime and can be changed at any time prior to death. These trusts are primarily used as a way to continue management of one's assets in the event of incapacity, aid in the management and transfer of assets at death and assist with avoidance of probate (which also increases the level of one's privacy).

    Irrevocable trusts are usually created under a will and become established upon death. Although they can be created during life by gifting property to a trust, their main advantage is to assist with removing certain assets from one's estate by utilizing tax planning. They generally cannot be changed or terminated (revoked) once they are set up.

    Account Access