The title of Executor was once little more than an honorary one, but times have changed. Complex estates and soaring taxes have made the duties of the executor quite real—and burdensome if the executor lacks the financial skills and experience.
Even with a modest-sized estate, the executor must perform the functions of accountant, bill collector, and tax expert. For example, an executor needs to:
- Locate, take inventory, and safeguard all estate assets, and establish their value for tax and accounting purposes.
- Provide management for income-producing real estate and business interests.
- Provide investment management services to determine if stocks, bonds, or mutual funds should be held or sold to preserve the estate’s value.
- Pay funeral and estate administration costs and legitimate claims of creditors.
- Collect debts owed and be prepared to defend legitimate claims.
- Sell estate property at the best price to raise funds for expenses, debts and taxes.
- Assume responsibility for all estate, inheritance, income or gift tax returns as required by state and federal laws.
- Keep detailed accounting records.
- Distribute estate in accordance with the will.
When you name JBT Financial Services as your executor, our trust officer becomes a vital link with your family, ready at all times to answer questions or discuss the progress of estate administration. We’ll provide personal, efficient, and cost-effective administration
of your estate.