Have a Professional Assist You as the Executor of an Estate

August 18, 2017

 

Estate settlement often involves an array of technical and emotional issues. While it may seem like a privilege to be named an executor, the task also comes with significant responsibilities. An estate’s financial and legal affairs must be executed with meticulous attention to detail to maximize its value for beneficiaries and avoid unnecessary delays, expenses and complications. At the same time, issues related to grief and family dynamics must be carefully managed to achieve an efficient and orderly settlement.

Confronted with these issues, many people find the responsibilities of executorship difficult to manage. Even with a sharp mind and the best of intentions, the complexity, time demands and emotional pressures placed on an executor raise the potential for costly errors and fractured relationships.

Consider MD Private Trust as your agent

Engaging MD Private Trust as your agent1 (i.e., the person or entity that helps you fulfill your executor duties) enables you to transfer the key responsibilities of executorship to a team of seasoned professionals, while still retaining control over important decisions.

Benefits at a glance

  • Get the objective guidance of estate specialists with experience in settling the estates of physicians and their loved ones.
  • Work with professionals who can assist you with every aspect of estate settlement—from tax filing obligations and legal requirements to beneficiary communications and real estate transactions.
  • Successfully meet all the responsibilities of executorship, and ensure the estate will be distributed according to the terms of the will2 in an efficient and orderly manner.

Get help fulfilling your responsibilities: A case study

Dr. Lee’s3 parents named him as the executor of their estate. When they passed away, however, Dr. Lee quickly recognized the complexities that he would have to face. As a result, Dr. Lee decided to name MD Private Trust as his agent, so that a team of experienced professionals could step in to settle the estate on behalf of Dr. Lee and his two siblings.

MD Private Trust gathered detailed information about the Lees’ assets, including their investments, insurance, primary residence, vacation home and collection of vintage cars. They drew on relationships with investment experts, real estate agents, auto appraisers and other specialists to determine the value of their assets and arrange for their sale at the best possible price.

MD Private Trust also made tax elections on behalf of the Lees’ estate, filed multiple tax returns as required by law, and engaged legal experts to probate the will and deal with an outstanding lawsuit involving the assets. In addition, they helped mediate a disagreement that took place between Dr. Lee’s two siblings, and made sure their parents’ assets were distributed according to their wishes.

The value of having an agent for executor

Ultimately, the team at MD Private Trust—which has years of experience managing the often complex estates of physicians—worked closely with Dr. Lee to organize his parents’ estate, maximize its value and distribute the proceeds in an efficient and orderly manner.

In the case of Dr. Lee and his siblings, agent for executor services provided numerous benefits:

MORE VALUE

MD engaged multiple experts to determine the value of—and then sell—their parents’ assets, with the aim of maximizing the proceeds from their investments, real estate, collectibles and other assets.

LESS WORRY

MD ensured that all tax and legal requirements were fulfilled, and successfully supported external legal counsel in defending the estate from a lawsuit that was unresolved at the time of their parents’ death.

RELIEF AND ASSISTANCE

MD relieved Dr. Lee from the stress and time demands of organizing and settling his parents’ estate alone—something that would have been a heavy burden during an emotionally difficult time.

OBJECTIVITY AND FAIRNESS

MD helped Dr. Lee’s siblings settle a disagreement regarding their parents’ assets and made sure the estate was distributed according to their parents’ wishes.

 

If you have been called upon to fulfill the duties of executorship, or expect that you will be called upon in the future, MD Private Trust can provide the experience and support you need, when you need it most.

Learn more about MD's estate and trust offering or contact an MD Advisor to find out how we can help.

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