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Attorney, Bank, Bank Fees, Client, Common Estates, CPA, estate, Estate Administration, Estate Size, Executor, Fee Structure, Large Estates, Professional Estate Management, Trust Departments
Choosing a bank to serve as executor for your estate has its advantages and disadvantages. In most common estates, people will choose a trustworthy, organized person to serve as executor of their estate. However, this is not always the case. In some common estates, people will choose a bank to serve as executor for the following reasons:
- There are no family members in the area that have the traits to serve as executor as described in the article Choosing the Right Executor to Administer Your Estate.
- To keep family harmony by avoiding disputes among family.
- Allow family members to grieve without the stress of administering an estate.
Although these are all valid reasons for choosing a bank as executor, you must give careful consideration to the advantages and disadvantages of such a choice. Without proper consideration, you may make a choice that could prove costly to your estate.
While constructing their estate plans, small business owners should advise their executors about changes in their business. Although the executors don’t need to know the day-to-day business operations, small business owners should inform their executors of the following: