Why Should I Choose a Professional Executor or
Trustee? by the Hills Bank Wealth Management Group
When you pass away, your estate plan will most likely include an executor or a trustee, and they will be responsible for winding up your affairs after your passing. An executor (sometimes called a “personal representative”) is an individual or financial institution that is nominated by a deceased person in their Last Will and Testament. In much the same way, if the deceased person built his or her estate plan around a trust instead of a Will, they need to name a trustee/successor trustee in the trust agreement governing their estate plan.
An executor or trustee can be an individual such as a trusted family member or friend. However, it is important to note that executors and trustees are responsible for winding up your affairs, distributing your property, handling accounting and legal reporting requirements, complying with tax and legal obligations, and investing assets in ongoing irrevocable trusts. An individual person serving as executor or trustee is unlikely to have significant experience or expertise in these fields. As result, they may make slow progress in their work or be faced with even greater complications after making avoidable errors. Naming a financial institution like Hills Bank to serve instead may be advantageous for the following reasons:
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