Estate Administration
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.
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.
Estate Administration Services
Communication & Coordination
- Meetings and written communications with family members, beneficiaries, and advisors throughout the estate settlement process
- Communication with beneficiaries and execution of bequests
- Oversight of the preparation of probate inventories and accountings to ensure accuracy
Asset & Estate Administration
- Oversight of asset collection, valuation, and protection
- Management and protection of real estate
- Risk analysis of estate assets to determine whether to retain or liquidate
- Identification and resolution of claims against the estate
- Accurate recordation and reporting of all estate transactions, including receipts, disbursements, and sales, on periodic (monthly or quarterly) statements
- Calculation and execution of estate asset distribution in compliance with estate planning documents
Tax Planning & Compliance
- Post-mortem estate and income tax planning to maximize wealth transfer efficiencies
- Oversight of estate tax return preparation
- Oversight of decedent’s income tax return preparation
- Oversight of estate fiduciary income tax return preparation
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.