Page 15 - BusinessWest 2023 Senior Planning Guide

BusinessWest
Being in Charge of an Estate Can Be Unsettling for a Family Member.
The person you choose as your Personal Representative to be in
charge of your estate (formerly called an executor or executrix)
Estate
Settlement Tasks
will be responsible for a daunting list of tasks. For a grieving family
• Entering the Wi(( into r bate
other (ega( requiremetz. , and handling member, this could represent an unintended burden that requires
• Gathering a(( of the
a wide range of expertise and a potentially huge time commitment.
arranging for suppot;=:ftty and
• Obtaining appraisa(s of required pro
And if this wasn't enough, they will often have to contend with
tax purposes.
perty for pressure from-and disputes with-beneficiaries who are usually
• Reviewing rea( estate rec
payment of taxes and co((ords to assure time(y other family members. The resulting "tug of war" can lead to
ec
t
• Eva(uating contracts and (eaion of rents. lengthydelays,sometimeslastingyears,andoftenresultingin
a((requirements inducti·ng se_stocomp(ywith the irreconcilable split among surviving family members.
necessary notice. g1v1ng
• Investigating and handling .
the estate. a(( claims against There is a Better Way
• Co((ecting a(( life insurance' ren
amounts due to the estate. ts, and other Estate Settlement Services from the GSB Wealth Management
• Preparing and fi(ing estate .
and Trust Services. We are a team of dedicated professionals who
federa( and state tax and inheritance will take away the burden and worries of Estate Settlement and
• Paying related es returns.
• Preparing a fina( tate and inheri·tance taxes. make sure that your estate is managed efficiently and according
. . accounting of the estate.
to your wishes. Call us today to learn more.
'Q • Distributing the estate to the . . .
as directed by the Wi((. beneficiaries GSB
(413) 775-8335
Wealth Management greenfieldsavings.com
& Trust Services