Being executor of an estate or trustee of a trust is no easy task. An executor is charged with managing every aspect of the estate from the time the decedent passes away until assets are distributed and the estate has been closed. If a trust is involved, administration of the trust for the benefit of the beneficiaries may continue for many years. The more complex is the composition and purpose or intended use of the estate, the more arduous may be the requirements of administration.
One of the most time-consuming tasks of an executor is pulling together an inventory of the estate’s assets. Unfortunately, few people pass away with an organized list of every asset they own. Often, there are bank accounts, investments, real estate and other personal property that may not or readily identified or easily located. An executor must comb through the decedent’s statements to make sure all assets are accounted for, preserved and are liquidated or distributed appropriately.
An executor or trustee is a fiduciary – one in “whom another has placed the utmost trust and confidence to manage and protect property or money”. This can be an overwhelming responsibility for an executor or trustee without the assistance of experienced professionals. Ms. Hoopert and her teams have worked with numerous executors and trustees to manage and settle estates and trusts in a timely and efficient manner.