Estate Administration is a stressful, often thankless job. Why not remove this burden from loved ones and name First Commercial as executor or co-executor for your will? Doing so has proven to be a wise and equitable solution that eases tension during a potentially difficult and stressful time. Working closely with the attorney who established your estate plan, we are both proactive and relentless in carrying our your wishes.
An Overview of an Executor’s Responsibilities
Complex with far-reaching implications with regard to time-sensitive tax situations, the role of an executor is broad in scope. Here are several vital tasks we will handle as your executor:
- Arrange for the probate of the will. Probate is the court procedure in which a will is determined to be valid and the deceased’s estate settled. In most states, this procedure is open to the public.
- Assemble and inventory the assets in the estate.
- Arrange for the necessary appraisals or valuation of the property.
- Protect and manage estate assets until the estate is closed.
- Notify creditors and handle claims against the estate.
- Determine the family’s immediate cash needs and make sure that funds are available as needed.
- File tax returns and pay taxes.
- Distribute the estate.
Why Appoint First Commercial as Your Corporate Executor?
- Constant availability – A corporate executor with on-staff professionals is always available.
- Specialized knowledge – A qualified executor must have good business sense, understand the complexities of tax law, and be able to pay close attention to record-keeping and correspondence.
- Impartiality – It is our duty to treat all beneficiaries objectively and impartially. There is no worry that we will be influenced to favor one of your beneficiaries over another.
- Accountability – Corporate executors’ actions are subject to periodic reviews, not only by the beneficiaries but also by independent auditors and state regulatory examiners.
- Reputation – First Commercial is held in high regard for our integrity and character, and is trusted by the area’s businesses and professionals for our fiscal responsibility.