Estate Settlement

wealthestatesettlementEstate Settlement – Choosing a Personal Representative

How Do You Choose A Personal Representative for Managing Your Estate?

The first step in settling your estate is to name a personal representative or representatives with the expertise needed for the duties involved. They are the key to a smooth settlement, as they are responsible for managing your assets during this process.

You may choose anyone to be your personal representative. Whether you want a relative, a friend or a corporate fiduciary, you should decide based on your confidence in their ability to fulfill the terms of your will.

Of course, considering the large scale of an estate settlement, you will want to appoint someone who is prepared or experienced enough to handle such responsibility. Another important factor is the time and effort needed to settle an estate. You may also want to think about how your family may be affected by your choice.

Fortunately, you have options when it comes to naming your personal representative to settle your estate. You may actually want to put someone you are close to in charge of resolving your more personal matters and appoint a professional to settle your finances. In this case, you would name a corporate co-personal representative.

If you choose Community Bank & Trust of Florida as a corporate personal representative, you’ll have piece of mind knowing that the security of your loved ones is always our top priority when we manage your wealth. With estate settlement services from Community Bank & Trust of Florida, you can be sure that the people you care about the most will be taken care of now and in the future.

The Responsibilities Of Your Personal Representative

Your personal representative is responsible with overseeing and managing the settlement of your estate. Their job begins even before the probate of your will. They ultimately hold the responsibility to oversee the settlement of your estate, which includes the duty to:

  • Make the financial arrangements with your family
  • Gather your assets
  • Be appointed as the personal representative of your estate by the court
  • Work with your attorney to properly probate your estate
  • Locate and appraise your assets
  • File life insurance and other benefits claims
  • Collect any debts owed to you
  • Pay your bills and debts
  • Manage your portfolio
  • Distribute assets to your heirs as your will outlines
  • Keep detailed records of all transactions
  • Prepare accounting records for the court and your heirs
  • Take care of any state or federal tax issues involved

Choosing a Corporate Personal Representative

Having a corporate personal representative can help ensure that your estate is settled as efficiently as possible, and gives you an unbiased voice to settle any potential disputes. Community Bank & Trust of Florida has the expertise to serve as Personal Representative, Co-Personal Representative or agent for the Personal Representative and handle the asset management and probate process effectively, relieving the burden from your loved ones. Call our Estate Department located in our Ocala headquarters at 352-369-1000 to schedule a no-obligation appointment. Meetings can be arranged at any of our branch offices located in Ocala, Belleview, Gainesville, Summerfield and the Villages.

Investments are Not FDIC insured; Not deposits, obligations of, or guaranteed by any bank. Subject to risks, including the possible loss of principle amount invested. 

Testimonial Video

Need Assistance?

  • Please do not include confidential and/or personal information in this correspondence.