Frequently Asked Questions

The ultimate goal of estate planning is to ensure the security of your family and others named in your will. To achieve that goal, you name an executor (sometimes referred to as a personal representative), who will be responsible for settling your estate with the same care and skill that you took in doing your planning. The importance of choosing the right executor cannot be overemphasized. Trust is essential— you want to be completely confident that, in your absence, your wishes will be carried out exactly as you want them to be, with sensitivity and tact. Skill and experience are critical, too. Your executor will have to deal with taxes and tax returns. (Even if federal estate taxes are repealed, income tax, as well as state and local taxes, still will be in place.) Pay debts. Settle claims. Manage real estate, investment and business interests .And much, much more. In other words, an executor bears a heavy burden—a burden that may rest upon his or her shoulders for two years or more.

Consider the facts...

Choosing an individual as executor

How did you choose the executor named in your will? If you are like many people, you may have drafted your will many years ago, perhaps, when your estate was small. The spouse, relative or friend whom you named may have seemed a logical choice at the time. But, at the time, you may not have realized that:

1. An individual executor may be inexperienced in settling an estate. Although it may be possible for your executor to learn while he or she is “on the job,” it is impossible to calculate the cost of unnecessary delay and lack of expertise in such responsibilities as asset appraisals, post death tax planning, and investment of estate and trust assets.

2. An individual executor may not consider your estate his or her first priority. Events in the business or personal life of your executor cannot be accepted as a valid excuse for the failure of your executor to carry out his or her duties and responsibilities to your estate and heirs. Of course, an executor may resign and be removed—in which case, a successor executor can be named. This is another example where there will be a need for court proceedings and delay, and more bills for your estate.

3. An individual executor may be absent. No individual can guarantee constant and immediate availability. Circumstances beyond an individual executor’s control may require him or her to be away at the very time that administration of your estate demands immediate attention. An executor’s duties and responsibilities require close attention.

4. Any individual executor whom you name may die before or during estate settlement. Unless you designate an alternate who can and will act, an executor must be appointed by a court. The individual ultimately chosen may be someone of whom you would have approved. But, possibly, the court may appoint a total stranger—or worse, someone whom you never would have chosen. What’s more, this appointed executor will have to be bonded at the expense of your estate. Or your named executor might die before completing his or her duties. Regardless of how far estate settlement has progressed, an accounting likely would have to be filed with the court, and, again, all costs charged to your estate.

5. An individual executor may become physically or mentally incapacitated. In this instance the process of settling your estate may grind to a complete halt, waiting upon a determination of whether your executor will recover. Court proceedings may be required to remove the incompetent executor and name a successor.

Consider the facts...

When we serve as an executor

Over the years your estate has grown substantially, and your executor has grown older—two good reasons to reevaluate your earlier choice of executor. There are many reasons to choose us to serve as your executor or co-executor:

1. Constant availability and continuity. No individual or group of individuals can ensure the continuous availability required to carry out the directions in your will. Only through the designation of a professional, corporate executor can you be certain of the degree of permanence that estate settlement requires. With our continued corporate existence, we can serve from year to year.

2. Specialized experience and sound judgment. Settling an estate often requires knowledge not easily attainable by someone not constantly engaged in the process of estate settlement. No one individual can be a specialist in all the areas that make up the duties and responsibilities of an executor. We, however, have trained specialists able to provide all of the services needed to settle an estate.

3. Impartiality. A professional executor will treat all your heirs in the same fair and impartial manner. We cannot be influenced or pressured by anyone, based upon personal or business relationships. What’s more, we are unlikely to be approached and asked for special consideration.

4. Cost. What your executor does, and how he or she does it, can make a difference in what your heirs ultimately receive. Inexperience can lead to mistakes. Mistakes can be costly for your heirs. In addition, when you choose our institution to serve as executor, you are likely to pay no more than you would for the services of an inexperienced executor.

A capsule view of an executor’s duties

-Collect and safeguard estate assets.

-Inventory all assets and obtain valuations needed for tax purposes, using qualified appraisers as needed.

-Pay valid debts and collect money owed to the estate.

-File federal and state income, estate and inheritance tax returns as required.

-Pay all taxes due.

-Maintain detailed records of all estate transactions.

-Carry out the terms of the will by distributing money and property to the proper beneficiaries, or to the trustee who will manage the money or property for the beneficiaries.

-Prepare a comprehensive final accounting for the beneficiaries and, where required, the court.

5. Unquestioned financial responsibility. Potential penalties under the tax law should make you reluctant to subject a spouse, relative or business associate to such financial risks by naming him or her as executor. When you name a financial institution such as ours, with significant financial resources and stability, you eliminate the possibility of financial liability that your family, friend or business associate would face as your executor.

Do you need more facts?

It is likely that you have specific questions about how the process of estate settlement will take place in your personal circumstances. We would be glad to review your will and answer any questions that you may have. We invite you to draw upon our experience and knowledge in order to make certain that recent changes in your personal circumstances or modifications to tax and probate laws haven’t dramatically altered the way that you wish to distribute your assets to your loved ones.