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Estate Planning and Settlement
Naming someone as the executor of an estate is no longer a simple,
honorary designation for a relative or good friend. It is a serious
financial responsibility.
Considering complex tax laws and asset management issues, even the
executor of a seemingly simple estate needs the skills of an accountant,
bill collector, investment advisor and tax expert to manage the
estate responsibly.
When First National Bank of LaGrange is named in a will as executor,
the trust officer assumes responsibility for the estate. This officer
is a vital link to the decedent’s family to administer the
financial affairs of the estate. He or she is always available to
the estate beneficiaries to answer questions or discuss the progress
of settling the estate.
As executor of an estate, First National Bank of LaGrange provides
the following services:
- locate, inventory and safeguard all estate assets, and establish
asset values for tax and accounting purposes;
- provide continuing management for income-producing real estate
and business interests;
- pay funeral expenses, legitimate claims of creditors, and expenses
of administering the estate;
- collect all debts owed to the decedent and defend the estate
against invalid or improper claims;
- assume responsibility for all estate, inheritance, income or
gift tax returns required by state and federal authorities;
- keep detailed records of all income, expenses and estate transactions
and account for them to the court or to the beneficiaries; and
- distribute the estate in accordance with the provisions of the
decedent’s will.
The complexity of settling an estate is a real burden for a surviving
spouse, relative, business associate or anyone who may not have
the experience with such matters. Our trust officers can assist
you throughout the entire process of planning and settling an estate.
We’ll make sure the finances of the estate are managed according
to the directions of the estate and in consideration of the beneficiaries.
Personal Investment Services
First National Bank of LaGrange offers additional services to investors
and property owners in which we act as an agent on your behalf rather
than as trustee or executor. In this regard, you don’t need
the formality of a trust agreement or a will, and our involvement
can be as extensive or minimal as you wish. We offer:
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