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Our bank understands how beneficiaries’ needs and concerns sometimes require a high level of patience and sensitivity.Įstates also can be complex, with a variety of assets including personal property, stocks and bonds, life insurance, investment real estate, unique investments such as artwork or a family business interest. An individual executor who is a family member or has close ties to the decedent might have a harder time settling disputes or maintaining impartiality, especially if he or she is a beneficiary of the estate. Because the bank has no ties to the outcome of the estate, it can act impartially.
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A corporate executor, like a bank, will adhere to those timelines to ensure everything is filed on time.Ī bank also never gets sick, takes a vacation or faces a life change – any of which can interrupt an individual executor’s role. Ohio has rigid probate deadlines for when certain things must be filed, and a simple estate should be settled within six months or less. Because we are well-versed in the process, we understand the laws, especially the tax laws, to keep the execution of an estate moving. Individuals such as family members, meanwhile, might become an executor only once or twice in a lifetime. What are the advantages to having a bank act as executor of my estate? These frequently asked questions will give you some more insight: A bank, however, can be an excellent choice, and our bank has had a long history of successfully adhering to our clients’ wishes after they’re gone. Often people turn to family members or, if no family is available, a trusted friend. You want someone who is honest, responsible, organized and financially savvy. Once you’ve decided who your worldly possessions should go to, you need to decide who will be in charge of distributing them. Why a bank makes a great executor for your estate Retirement Planning & Investment Calculators.Individual Retirement Plans (IRAs) – Investment Based.Individual Retirement Plans (IRAs) – Deposit Based.