Family Legacy: Time Capital

Understanding the responsibilities and duties of the personal representative or trustee may cause you to question the wisdom of imposing on a family member the expenditure of their "time capital," particularly when they do not regularly perform such duties. Hiring a professional corporate trustee to administer assets you have worked a lifetime to accumulate is often the most economical choice, rather than relying on a less experienced family member or friend. An oversight could be more expensive than paying an experienced professional a reasonable fee to efficiently administer your estate in accordance with your instructions.

What is Probate?

Probate is the transfer of assets from a deceased individual to the heirs as outlined in a Last Will and Testament - or in accordance with state law if no Will has been created. Through this process, the will is proven to be valid through the court. The assets are also identified, presented and reported to the court. All debts, taxes, and fees are paid and final distribution to the heirs are made with a final accounting provided to the court.

What is a Personal Representative?

A personal representative is an individual or entity that administers the estate of a deceased individual. One is typically named in a will to facilitate this role but may also be court-appointed. Some may know this term as an executor. This individual or entity is responsible for overseeing your estate through the probate process, if applicable. This person or entity will also be responsible to account for all receipts and disbursements, make appropriate tax elections and file taxes accordingly.

Personal Representative Services Include

  • Timely collection, control and safekeeping of trust and estate assets.
  • Protection of assets and ensuring appropriate insurance is in place.
  • Coordination of asset administration.
  • Maintenance of precise records of all receipts and disbursements and providing periodic statements to beneficiaries.
  • Coordination of valuation services for trust and estate assets such as securities, tangible personal property, real estate, closely-held businesses, and nontraditional investments.
  • Facilitation of the sale or distribution of real estate or tangible property.
  • Determination of the validity of creditors' claims and prioritization of payment of claims.
  • Collaboration with the estate and/or trust attorney to accurately file all required court documents in a timely manner.
  • Prepare and distribute of assets in accordance with the provisions of the will and/or trust and obtain receipts.
Nonbank products are not FDIC insured, are not a deposit and are not insured by any federal government agency.
Additionally, nonbank products are not guaranteed by the Bank and are subject to loss of principal.

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