As executor or trustee, you may benefit from the help of professionals who have deep experience in estate settlement issues. Consider adding one or more of the following professionals to your team to assist you in anything that could come up along the way.
- Reviews and helps interpret financial statements
- Helps maintain records by providing account statements
- Conducts portfolio review of investment assets
- Reviews financial statements and prior year’s tax returns
- Identifies and prepares required tax documents
- Estimates and advises on cash needed for tax payments
- Counsels on business-related tax implications
- Provides guidance in the event of state or IRS tax audit
- Advises on overall strategy, your responsibilities, and timing of activities
- Interprets wills and not trust directives
- Drafts legal documents
- Represents you in court when needed
- Prepares asset (personal property, business, and real estate) appraisals for estate and income tax purposes
(if applicable)
- Drafts real estate documentation if selling
- Identifies repair needs
- Coordinates and arranges inspections/reviews
- Recommends buyers if assets need to be sold
(if applicable)
- Ensures property is secure
- Keeps real estate assets in good repair
- Handles collection of rents and payment of expenses
- Negotiates leases and contracts
(assigned if Wells Fargo Bank, N.A. is engaged as executor, trustee, or agent for executor or trustee)
- Helps negotiate fee agreements and coordinates activities with professional team
- Reviews will and trust provisions with the family
- Assists with court administration services, probates the will, provides notice to creditors, and prepares inventory and accountings
- Marshals and safeguards assets and arranges for asset valuations
- Establishes an account to hold cash and securities
- Manages tax filings process
- Arranges payment of administration expenses and creditors
- Helps to resolve disputes
- Keeps beneficiaries informed via periodic account statements and coordinated communication plan
Trust services available through banking and trust affiliates in addition to non-affiliated companies of Wells Fargo Advisors. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
