Estate and Guardianship Services

We'll take care to attend to all the financial details

Settling an estate or arranging for long-term support for a child or disabled adult can be a complex and emotional process. First American Bank can ease your burden by serving as an executor or guardian of the estate. Our team members will work closely with the courts, other professionals and family members to ensure that all requirements are met and everything proceeds as smoothly as possible.

Probate is the process that concludes all of the legal and financial matters of the deceased. The executor of the estate is responsible for the following:

• Collect, inventory and provide safekeeping for the estate’s assets.
• Value and manage the estate's assets.
• Notify creditors and pay all valid debts.
• Collect any sums owed to the estate.
• File claims for pension and profit-sharing plan benefits, Social Security benefits, and veterans’ benefits.
• Sell assets, as directed by Will or required by state law, to pay estate expenses or legacies.
• Keep detailed records of all estate transactions and submit records to beneficiaries and/or the probate court.
• Distribute assets to beneficiaries.
• File the decedent’s final federal and state income tax.
• Choose a tax year for the estate.
• File the estate’s income tax.
• File estate and/or inheritance tax returns.

A guardian is appointed to assist with the finances of minor children or disabled individuals. They act under the supervision and direction of the Probate Court. It is the guardian’s responsibility to:

• Assist in establishing the guardianship.
• Prepare an inventory of all assets belonging to the disabled adult or minor and file the inventory with the Probate Court.
• Evaluate the investment needs of the disabled adult or minor and invest the assets on an interim basis pending establishment of a formal investment program.
• Meet with the family, attorney, accountant, and others as appropriate to construct a budget for living expenses for the disabled adult or minor.
• Prepare a detailed investment program and submit to Probate Court for approval.
• Implement an investment program.
• Prepare accountings as required by the Court.
• Arrange regular remittances for the care and maintenance of the disabled adult or minor.
• Review investment program and make adjustments as required.
• Assist in estate and tax planning.
• Prepare and file annual federal and state individual income tax returns.