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Estate Administration

The Trust Department of Essex Savings Bank has the knowledge and expertise to settle estates in an efficient and cost-effective manner as executor or as an agent for your executor. Your family members and beneficiaries will be treated by our staff with respect, as well as the objectivity and independence to avoid conflicts that can arise in the settlement of an estate. No matter how complex your estate, we will work to finalize the settlement efficiently. The Trust Department will explore solutions and planning opportunities to benefit your estate and beneficiaries.

Working closely with your attorney, accountant and financial adviser, the professionals in our Trust Department will bring specialized resources and services to insure the efficient settlement of your estate in compliance with probate procedures and tax codes. In estate settlement, there are critical filing dates with the probate court and taxing authorities. To add value to the process, we often suggest techniques that will provide tax benefits to your estate and ultimately to your beneficiaries.

If you have been appointed executor of an estate, you know of the significant responsibility and unique challenges of this role. As an executor, you will serve as the legally appointed representative who will ensure that the provisions in a decedent’s will are carried out. Given these complexities, consider whether you would benefit from hiring Essex Savings Bank as agent to support you in your role as executor.

Our estate administration services include:

• Meeting with family members and other advisors during the estate settlement process
• Collecting, inventorying and safeguarding assets
• Arranging for appraisals of assets
• Determining the retention or sale of assets and providing ongoing management of retained assets
• Arranging for the payment of bequests
• Coordinating the preparation and filing of all required tax forms and returns
• Identifying claims against the estate and satisfying or disallowing such claims
• Coordinating the distribution of assets
• Overseeing the preparation and filing of federal and state estate and income tax returns
• Supervising the preparation of all required reports to finalize and close the estate

Investments in stocks, bonds, mutual funds and annuities in fiduciary accounts are not a deposit or other obligation of Essex Savings Bank; are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other federal government agency; and, may involve investment risks,
including, but not limited to, possible loss of value of principal.
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