The Role and Responsibilities of an Executor

Cumberland Trust has been providing professional, comprehensive estate settlement services for many years, and has served as an executor for the estates of many individuals in our community and throughout Tennessee.

Here are some of the key tasks and responsibilities of an executor:

• Arrange for the probate of your will

• Assemble and inventory the assets in your estate

• Arrange for the necessary appraisals or valuation of your property

• Protect and manage estate assets

• Notify creditors and handle claims against your estate

• Find out the family’s immediate cash needs and make sure that funds are available as needed.

• File tax returns and pay taxes

• Distribute your estate

Some of the advantages of a corporate executor:

Constant availability. We have a continued corporate existence. If an individual is named to settle your estate, that person could become sick or travel extensively for business or pleasure at a time when his or her presence is crucial. And there’s no guarantee the person won’t die before the job is done.

Specialized knowledge. A qualified executor must have good business sense, understand the ins and outs of taxes, and be able to pay close attention to record keeping and correspondence. Cumberland Trust is well staffed to carry out your wishes.

Impartiality. It is our duty to treat all beneficiaries objectively and impartially. There is no worry that we will be influenced to favor one of your beneficiaries over another.

Personal Consideration. Our professionals, through their long experience in settling estates, appreciate the importance of sympathy, understanding and consideration in all of contacts with your beneficiaries during a particularly emotional time.

Accountability. Corporate executors’ actions are subject to periodic reviews, not only by the beneficiaries but by independent auditors and state regulatory examiners.

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