Written by Chelsea Frederick, CTFA; AVP, Trust Officer
As 2025 has begun, we want to highlight the importance of a proper estate plan. Having a proper estate plan will help to make the settlement of final affairs as pain free as possible.
Some key components to consider are:
Your Intent for Distribution of Assets:
Will this be achieved by creating a trust, through beneficiary designations, or probating of an estate?
Gifting:
A distribution of gifts during your lifetime can reduce the overall estate size and expenses.
Consolidation of Accounts:
Look to minimize the number of accounts with a variety of institutions. This could reduce your overall fee and allow for a more streamlined administration.
Tax Planning and Considerations:
Consider the tax implications of asset distribution.
Legal Counsel:
Hire an attorney that you are comfortable with and is experienced in estate planning.
Family Dynamics:
Family members often become attached to a particular asset such as the home, personal property or a business. This can lead to unwanted and unnecessary disputes. Consider carefully who you are naming as an Executor or Trustee and determine if they have the capacity and knowledge to handle the situation while having to deal with emotions of all family members.
Understanding of the Role:
Does your named Executor or Trustee understand the process, the requirements, valuation complexities, legal and regulatory issues, etc?
Inform the Executor/Trustee:
Consider providing information in advance to the named Executor or Trustee about your plan. If not, ensure your counsel is informed about asset location.
In Summary
As a Corporate Fiduciary, First Citizens Bank brings experience, expertise, professionalism and objectivity to estate planning, estate administration and trust administration. If you have questions, we invite you to contact us to schedule a meeting.
Our Fiduciary Team
