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Banks can act as executors during probate

| Nov 14, 2019 | Probate |

It can take a lot of work to close an estate. Some California residents may not want to place that responsibility on a loved one or may not feel that a loved one wants to take on the role of executor. Fortunately, individuals can appoint almost anyone to handle their probate proceedings, and in some cases, parties choose to utilize banks or other professionals.

Using a bank to handle probate proceedings is not unheard of. In fact, many people choose such institutions because banks have experience handling money and know how to administer estates. As a result, some people may feel more comfortable using someone outside the family because it would allow the process to move forward more quickly and does not place the responsibility on a family member.

Of course, not every estate needs to have a bank act as the executor or even can have a bank as the executor. The reason for this is that banks charge fees to take on this position, and if the estate does not have enough wealth to cover those fees, a bank may not accept the position. Even if an estate does have enough to cover the fees, family members may be more willing to charge less so that more funds are left for beneficiaries.

Because probate can be a long and difficult process, it can be hard to choose the right person or entity to act as the executor. It is a decision that should be given considerable thought because the executor will handle someone’s personal affairs. Of course, once the decision has been made, California residents will want to include the choice in their estate plans to make it legally binding.

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