An executor trustee is a person or entity appointed to carry out the instructions of a deceased individuals “Will”. They manage and distribute the estate according to the wills terms and may also oversee ongoing trusts established by the “Will”.
The prime responsibility of an Executor Trustee is to manage the estate of a deceased person as outlined in their “Will”. It Focuses on settling the deceased’s estate, paying debts, filing taxes, distributing assets according to the “Will”, and then managing any trusts that arise from the estate.
Key responsibilities-
- Collecting the estate’s assets.
- Paying off debts and taxes.
- Distributing remaining assets according to the “Will”.
- Overseeing any testamentary trusts created by the “Will”.
In the event you have not created your “Will”, you can do the same with the help of our App. To know more, click on the following link to go to our website: https://wasiyatt.com/
Benefits of having a corporate Trustee as Executor:
-
Streamlined administration
A Corporate Trustee can provide consistent, experienced management throughout the entire process, from asset collection and debt payment. -
Comprehensive financial management
A Corporate Trustee has the responsibility to manage all assets, pay all debts and taxes, and ensure the final distribution of assets in accordance with the deceased's wishes. -
Continuity
A Corporate Trustee can manage the assets through the probate process and then continue to manage them within the trust, providing a single point of contact and consistent decision-making. -
Potentially less conflict
Having a Corporate Trustee in charge can reduce the potential for conflicts that might arise between different parties or with co-executors as it acts as a neutral third party. -
Decision Making
Structured & Robust -
Credibility
Accepted by Regulators, Banks & third parties -
Accountability
Bound by Corporate governance & Fiduciary duties -
Confidentiality
Handled by Institution but bound by confidentiality
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