Page 30 - BusinessWest April 15, 2024

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Estate
Continued from page 28
“There is often
a perception of unfairness if one family member
is making all the decisions that affect the personal finances and tax consequences of each beneficiary.”
of life and work. Additionally, choosing one family member over another to be your personal representative can often lead to conflict with the family member(s) not chosen.
Many of those turning to professionals, such as the Estate Settlement team within Greenfield Savings Bank Wealth Management and Trust Services, are recently divorced or surviving spouses who have found themselves suddenly in charge of their household’s financial savings and investments that had previously been handled primar- ily by their spouse.
The full list of responsibilities handled by a personal representative helps explain why it is best left to a profes- sional and not a family member. It starts with pets, espe- cially when there is no one else living with the recently deceased individual, but also includes everything from getting mail stopped and forwarded to a new address to securing the property to changing the locks and shutting off the water.
But it quickly proceeds to other, more complex financial matters that include:
• Entering the will into probate and assuring that all legal requirements of the settlement process are completed;
• Accounting for all personal property and arranging for the support of the family;
• Collecting all life insurance, rents, and other amounts due;
• Obtaining appraisals of the property for required tax purposes;
• Preparing a final accounting of the estate; and
• Distributing the estate as directed by the will.
While choosing a family member may seem logical and
respectful, and some family members may actually volun-
teer for this work, most individuals are not fully qualified to handle such duties, and even if they are, they would often be placed in a difficult situation where relationships can become strained and matters can be delayed.
There is often a perception of unfairness if one family member is making all the decisions that affect the per- sonal finances and tax consequences of each beneficiary. For example, is this individual liquidating all the assets — which might cause significant capital gains to family mem- bers who pay high tax rates — and are those decisions equally fair and appropriate for all affected parties?
It is a fact: estate administration is complicated and time-consuming. Money can, and often does, complicate relationships. Money can make people do things they wouldn’t ordinarily do. Money can breed distrust — and worse.
And that’s why the work of a personal representative is best left to a professional. BW
Linda M. Dagilus, vice president and trust officer, has more than 25 years of experience in the financial- services industry. Stephen B. Hamlin, CTFA, senior vice president and senior trust officer, is a certified trust and fiduciary advisor with more than 35 years of experience in trust banking and investment management. Janice E. Ward, Esq., CFP, first vice president and trust officer, is an attorney and certified financial planner with
more than 20 years of experience in trust banking and wealth management.
We Focus on a Personalized Approach to Provide Financial Peace of Mind.
Jean M. Deliso, CFP®
Financial and Insurance Services
B (413) 785-1100 • www.delisofinancialservices.com
540 Meadow St. Ext. • Suite 108 • Agawam, MA 01001
Financial Planning Services are offered through Eagle Strategies LLC. Eagle Strategies and NYLIFE Securities are New York Life companies. Deliso Financial and Insurance Services is not owned or operated by Eagle Strategies, NYLIFE Securities LLC or any of their affiliates. Jean M Deliso, Member Agent, The Nautilus Group® is a service of New York Life Insurance Company. Neither The Nautilus Group®, its member agents, nor its staff provide tax, legal or accounting advice. Clients are urged to seek the advice of their own professional advisors before implementing any planning strategies.
Financial Adviser, Eagle Strategies LLC, A Registered Investment Adviser. Registered Representative
NYLIFE Securities LLC,
Member FINRA/SIPC,
A Licensed Insurance Agency.
When You Partner With Us You Partner With a Team of Experience and Insight.
PLANNING u INSURANCE u INVESTMENTS
30 APRIL 15, 2024
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