Our team of Trust Officers are experienced and qualified to serve in the capacity of both executor and conservator. Through our partnership with Members Trust Company, we can help you take the burden off family members and turn it over to our team of audited professionals.
An executor is a personal representative who acts on your behalf after your death. You nominate or designate an executor in your will to settle your estate. The person chosen will act in your place to make decisions you would have made if you were still alive. The probate court has final approval, but the court will generally confirm your nomination unless there are compelling reasons not to do so. The functions of an executor are varied, but generally, your executor:
- Locates and probates your will
- Inventories, collects and sells your assets as necessary
- Pays legitimate creditor claims
- Pays any taxes owed by your estate
- Distributes any remaining assets to your beneficiaries
Executors act in a fiduciary capacity, meaning they must exercise a high degree of care at all times and are subject to control and approval of the court at all times. Your executor is personally responsible for ensuring that all the proper tax returns are filed and that any estate taxes due are paid. Finally, your executor is accountable to the court and to your beneficiaries on completion of his or her duties.
Naming us in your will as your future executor or personal representative allows us to help settle your estate when the time comes.
A conservator is someone who might be appointed by a court to manage your financial matters if you or a family member becomes fully incapacitated. They're responsible for taking possession of your real and personal property to use it for your benefit. The conservator has a legal duty to act in your best interest and must productively invest—not waste—your assets. A conservator may spend your estate for your necessary care and support, such as:
- Paying for the maintenance of your house
- Paying your medical bills
- Buying your groceries
- Paying for in-home nursing care
If a court needs to appoint a conservator to manage assets for a legally incapacitated person, we're licensed and qualified to act in that capacity. We can make sure your incapacitated family members are protected. Preparing a comprehensive estate plan outlining your wishes for care should you become incapacitated can help you avoid needing a conservator.