Selecting an executor for your estate is a very personal and important decision. A family member or close friend is often chosen to perform this duty, but it can be an overwhelming task. First-Knox National Bank has the knowledge and resources to make it easy for you. We are your community bank…we’ll be here for you when you need us.
First-Knox National Bank routinely serves as a corporate executor. Our experienced and knowledgeable professionals are dedicated to completing the settlement process quickly and efficiently. Our fees are set by state law, so you can feel confident knowing you will never pay more for our expertise than what a family member or friend would be permitted to charge for the same service.
When choosing an executor, consider the following characteristics and skills:
- Availability – An executor must be available when needed, regardless of vacation, business or other family matters.
- Impartiality – An executor must be free from personal bias. All family members need to feel that no one is unduly favored and that all have equal access to information.
- Knowledge – Estate administration can be complicated. State laws govern the process and unfamiliar tax laws can come into play as well. A variety of filings will need to be made on time. If errors are made, penalties and fines may occur.
- Experience – Every estate presents a unique mix of assets including stocks and bonds, life insurance, investment real estate, and family business interest. The executor must know how to handle all types of assets and holdings.
- Investment Capabilities – One must have a sound understanding of current financial markets and be capable of making informed investment decisions.
- Patience & Sensitivity – Estate settlement is a time of grief and adjustment. The executor needs to be responsive to the concerns of the beneficiaries.
- Longevity – No one knows when the executor’s services will be needed. A corporate executor is ready to serve at any time and can complete the job of estate settlement, no matter how long it takes.
We understand the tax laws and work closely with local attorneys and accountants during the settlement process. Some duties of an executor are to:
- Collect, preserve and manage the assets
- Pay all bills
- File all necessary tax returns
- File all necessary court papers
- Distribute the assets according to the will