Question:
Can a bank or trust company act as executor of my will in Pennsylvania?
Answer:
A bank or trust company can act as the executor of your will and estate in Pennsylvania (or as your successor trustee, in the case of a trust), although there are several factors you should take into consideration before you choose to do so.
First, when banks and trust companies – known as institutional fiduciaries – serve as the executor of an estate, they are doing it for a profit, so you can expect that there will be some costs involved.
While an individual would incur similar costs by hiring necessary professionals, since these banks and companies usually maintain a large staff with several years experience discharging the requisite duties of estate and trust management, an institutional fiduciary’s costs will in all likelihood be higher.
If you have a substantial estate, you may feel that the cost is worth the peace of mind that your assets are being handled by professionals, but even large estates may not be best suited to management by a bank or trust company, particularly those with a substantial percentage of illiquid assets, like a(n):
- business;
- art collection; and
- real estate holdings.
Consult a Will Attorney before Selecting the Executor of Your Will
In some cases, a bank or trust company may be the right choice for managing your estate or trust on your behalf, but before you decide one way or the other, speak with a Pennsylvania will attorney who can explain the advantage and disadvantages of your options in thorough detail. Call and schedule a consultation with our offices – 1-610-933-8069.
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