Happy Trust Company
Estate Administration
Gain peace of mind.
One of the most important items to consider in estate planning is deciding who to appoint as executor of your estate in your will. By naming Happy Trust Company as executor, there is comfort in knowing that your final directions will be carried out by an experienced, impartial, and professional administrator.
It is understandable that your family might have better knowledge of your intentions and can locate your assets easier. The initial thought might be to name your spouse or a child as the executor, or even multiple children as co-executors.
Ask yourself these questions before naming an executor:
- Do my family members have the expertise if complex issues arise?
- What if my children do not get along due to a family conflict?
These are things to consider when naming family. But, what if you are not married or do not have children?
- I could ask a trusted friend, but what if I outlive that person?
- What kind of burden am I placing on my friend with regard to the time and effort that may be involved?
With Happy Trust Company as executor, there is peace of mind knowing the bank has an experienced professional to administer and settle the estate in a neutral and unbiased manner.
Duties of an Executor
- Consult with an attorney, CPA or other advisors as necessary to assist with the steps to settle the estate.
- Arrange for probate of the will and obtain the probate court’s approval to act on behalf of the estate.
- Take custody of the decedent’s assets, submit an inventory to the probate court, and obtain appraisals of real estate and other assets when the value cannot be readily determined.
- Notify creditors of their rights and handle their claims
- Pay the estate’s debts and expenses
- Manage assets and make investment decisions during the settlement process
- File federal and state tax returns on behalf of the estate, if applicable
- Disburse the decedent’s assets according to the terms of the will
- Make a final accounting to the beneficiaries or probate court, if applicable
You have worked hard to acquire, build, and preserve your wealth and you have the opportunity to pass that wealth on to your family, friends and/or your favorite charities. How upset would you be if your estate plan was mishandled?
Disclosures
Specialty Asset Management & Fiduciary Services
