Estate Administration
Attention to Detail
The Devil is in the Details
We have all heard the saying, “The devil is in the details.” If there has ever been a job where those words rang more true, it would be the job as executor of an estate. Attention to detail is crucial in order to settle a loved one’s estate in the most efficient and cost-effective manner.
Knowledge and experience
A Greater Depth of Knowledge
The extensive legal and banking backgrounds of the estate settlement officers at Essex Trust enable them to provide greater depth of knowledge and experience to the families and beneficiaries of loved ones than most trust departments. Your family and beneficiaries will be treated by our staff with respect, as well as with the objectivity and independence necessary to manage conflicts that can arise in the settlement of an estate.
Efficient and Conscientious
We Will Work with Your Team
We will work to administer your estate settlement efficiently and in compliance with applicable probate and tax laws. We will work closely with your attorney, accountant and financial advisor to explore strategies to reduce estate administration expenses and estate and income taxes in order to maximize the value of the assets passing to your beneficiaries.
Estate Administration Services
- Meetings and written communications with family members and advisors throughout the estate settlement process
- Accurate recordation and reporting of all estate transactions, including receipts, disbursements and sales, on periodic (either monthly or quarterly) statements
- Oversight of asset collection, valuation and protection
- Management and protection of real estate
- Risk analysis of estate assets for purposes of determining prudence of retention or liquidation of same
- Identification of claims against the estate and the satisfaction or disallowance of same
- Communication with estate beneficiaries and the payment of bequests
- Oversight of the preparation of probate inventories and accountings to ensure accuracy
- Post-mortem estate and income tax planning to maximize efficiencies in wealth transfer
- Oversight of estate tax return preparation
- Oversight of decedent’s income tax return preparation
- Oversight of estate fiduciary income tax return preparation
- Calculation and execution of estate asset distribution in compliance with decedent’s estate planning documents