Planning for the Future
Planning for the Future

You Need Someone with Experience to Act as Your Executor

JCB’s Trust Officers can help you make the right choice.

What is an Executor?

An Executor is the person or trust institution named in a will to settle an estate.

What are the major duties of an executor?

  • Collect all assets and information regarding the estate.
  • Settle debts and claims against the estate.
  • Manage, maintain and protect the estate during the settlement period.
  • Determine and pay all estate, inheritance and income taxes.
  • Distribute the balance of the estate as directed by the will.
  • Give an accurate final accounting to the Probate Court.

What questions should I ask the Executor I have named in my will?

  • Would your appointment cause dissension, jealousy or mistrust among the beneficiaries?
  • Are you prepared, on short notice, to do everything to locate and inventory every last asset belonging to my estate?
  • Do you have the necessary time to commit, often daily?
  • Do you have experience in dealing with stocks, bonds, business ventures, valuable collections and so on?
  • Can you resist the pressures of well-intended but poor advice?
  • Have you had experience in helping inexperienced or elderly beneficiaries cope with difficult adjustments that result from a death in the family?
  • Do you understand the difference between probate and non probate property?
  • If need be, could you negotiate a sale of a business interest, real estate or other key asset?
  • Do you have the expertise and patience to deal with disputes among heirs fairly and impartially?
  • If someone owed me money will you make a concerted effort to collect on behalf of my beneficiaries, even though the task is unpleasant?
  • Are you prepared to keep meticulous records of all estate transactions?
  • Will you investigate any questionable claims against my estate and resist those that seem unjustified?
  • Are you prepared to cope with all the special requirements that must be met when filing an income tax return?
  • Do you understand the various decisions and elections that executors must make when federal estate tax returns are prepared?
  • Can you pledge that the settlement of my estate will not be delayed interrupted because you are out of town on business, or on vacation, or ill?
  • Are you prepared to see the job through even if it takes a year or more?
  • Would settling my estate become an emotional burden to you?

What are the advantages of naming JCB as Executor of my will?

  • Our trust officers and staff have many years of experience in estate settlement.
  • We are impartial and objective, yet sympathetic to the needs of your family.
  • We are on the job full time, day in and day out.
  • We are familiar with investments, real estate and business administration.
  • We have the facilities and personnel needed to handle the job effectively.
  • We are experienced in negotiation for the best possible price when assets must be sold.
  • We are experienced in dealing with tax authorities, especially as to valuation of assets and we are informed about tax alternatives that can often mean substantial savings.
  • Being part of a bank, we are subject to strict supervision and regulation, and we are financially responsible.
  • Our fee is usually no more than for an inexperienced individual. Naming an individual unfamiliar with estate settlement may well result in considerable additional expense.
  • You may designate JCB to take full responsibility to settle your estate or you may also name an individual to serve with us as co-executor.
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