Trust Services
Estate Administration
Estate Administration is a stressful, often thankless job. Why not remove this burden from loved ones and name Story as executor for your will? Doing so has proven to be a wise and equitable solution that eases tension during a potentially difficult and stressful time. Working closely with the attorney who established your estate plan if possible, we are both proactive and relentless in carrying out your wishes.
An Overview of an Executor’s Responsibilities
Complex with far-reaching implications with regard to time-sensitive tax situations, the role of an executor is broad in scope. Here are several vital tasks we will handle as your executor:
- Arrange for the probate of the will. Probate is the court procedure in which a will is determined to be valid and the deceased’s estate settled. In most states, this procedure is open to the public.
- Assemble and inventory the assets in the estate.
- Arrange for the necessary appraisals or valuation of the property.
- Protect and manage estate assets until the estate is closed.
- Notify creditors and handle claims against the estate.
- Determine the family’s immediate cash needs and make sure that funds are available as needed.
- File tax returns and pay taxes.
- Distribute the estate.
- Ensure proper administration at all times.
Why Appoint Story Financial Partners as Your Corporate Executor?
Specialized knowledge
A qualified executor must have good business sense, understand the complexities of both the state and tax law, and be able to pay close attention to record-keeping and correspondence.
Impartiality
It is our duty to treat all beneficiaries objectively and impartially. There is no worry that we will be influenced to favor one of your beneficiaries over another.
Accountability
Corporate executors’ actions are subject to periodic reviews, not only by the beneficiaries but also by independent auditors and state regulatory examiners
Reputation
Story is held in high regard for our integrity and character, and is trusted by the area’s businesses and professionals for our responsibility.
NOT A DEPOSIT – NOT FDIC INSURED – NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY – NOT GUARANTEED BY THE INSTITUTION
Choosing a Trustee
When establishing a trust, one of the most significant decisions is the selection of a trustee or trustees. Responsible for distributing or not distributing income and principal to the beneficiaries of the trust according to the terms you specified in the trust agreement, the role of trustee is a demanding one.
Some individuals name themselves, a family member, or friend; others prefer to choose a trusted financial institution for this important role. By choosing Story as your corporate trustee, you can help ensure that current and future generations benefit from the continuity, prudence, and professionalism that a well-established, reputable organization can provide.
The Trust team stands ready to help guide you and your family through serious wealth transferring issues that can be difficult to discuss. The team will spend time getting to know your family’s needs and values. They have the experience and expertise to deal with complex family situations, in a delicate, thoughtful, yet extremely professional manner.
Consider the Advantages of Choosing a Corporate Trustee
Experience
The trustee you choose has significant responsibility for the financial well-being of current and future beneficiaries and should have quality experience in administering trusts.
Integrity
Honesty, integrity, loyalty and dedication to the fiduciary responsibility are crucial when selecting a trustee(s).
Continuity
Because one of the principal reasons for establishing a trust is to provide for the future, it’s important to remember that over the years, age or illness could prevent an individual from performing the duties of a trustee. In naming a trustee, you want to be sure that as your family’s situation changes and time takes its toll, your trustee will continue to be responsive. By choosing a corporate trustee, you help ensure continuity for the full term of the trust.
Objectivity
While administering the trust document, the trustee should focus on the best interest of all beneficiaries, both current and future. The trustee should be impartial and lack any conflicts of interest.
Recordkeeping and Reporting
A trust is a long-term arrangement under which accountings must be made periodically over many years to a number of parties
NOT A DEPOSIT – NOT FDIC INSURED – NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY – NOT GUARANTEED BY THE INSTITUTION