Wills

Your Will (Last Will & Testament) becomes effective upon death and provides instruction to your "Personal Representative" aka "Executor" for the distribution (or retention) of assets to/for the beneficiaries. Wills are created with a basic format but may contain specific provisions for distribution of assets. Wills prepared with a trust package contain "pour-over" language that states that in the event an asset, which is titled in your name only, is overlooked, that asset "pours over" to your trust and is distributed according to the terms of the trust. If the trust is fully funded (ownership of all assets have transferred to the trust) the pour-over Will does not come into play and there is no estate (probate) administration.

On the other hand, assets that are titled in your name only, without joint owners or named beneficiaries would be subject to estate (probate) administration. Although the estate administration process through the probate court has become more streamlined through the years, there are still some costs associated with the process and it can be a time consuming commitment for the Personal Representative of your estate.

Estate Administration

When considering who to name as your Personal Representative or Co-Personal Representative you should think about what would be required of them. Your Personal Representative should be trustworthy; have some knowledge and understanding of the estate administration process; and be able to devote the time necessary to effectively administer your estate.

When you appoint River Place Trust as your Personal Representative or Co-Personal Representative, our trust professionals will draw on their many years of knowledge and expertise to administer your estate efficiently and professionally.

Our role as Personal Representative or Co-Personal Representative, among other duties, would be to:

• Review the will and related estate planning documents
• Work with an estate attorney and oversee the filing of documents with the probate court
• Communicate our roles, responsibilities and your wishes to the beneficiaries of your estate
• Identify, inventory and collect the estate assets including real estate, investments, jewelry, automobiles and bank accounts
• Pay the debts, taxes and expenses of the estate
• Coordinate with accounting firms for the preparation of all required tax returns
• Arrange for the distribution of estate assets to the beneficiaries