A thoughtful estate plan is one of the best gifts you can leave to your family and loved ones. A lack of planning now means that families – while grappling with grief – are left to navigate the probate system, inheritance taxes, and other issues that could have been resolved ahead of time. Just as each life is unique, so is each estate left behind. An estate must be managed carefully, often taking into account a broad range of assets, specific wishes of the testator, and unique personalities of the beneficiaries. With Cumberland Trust as your executor, you can be assured that care and attention will be at the forefront as we work to understand your estate and wealth management plan.
A solid estate plan, created by your attorney and executed by Cumberland Trust after your death, will ensure that your assets are collected and properly administered; any obligations are satisfied; and your property is distributed to or for the benefit of your heirs following your death. This planning will ease the burden on your loved ones while ensuring that your wishes are carried out.
WHY A CORPORATE EXECUTOR?
For many families, naming a corporate executor is preferable to burdening a family member with such a role. Some of the advantages of a corporate executor include:
- Constant availability. If an individual is named to settle your estate, that person could become sick, injured, or have other personal or business interests interfere at a time when his or her presence is crucial. A corporate executor, with many on-staff professionals, is always available.
- Specialized knowledge. A qualified executor must have good business sense, understand the complexities of the various laws of taxation and administration that apply to an estate, provide detailed record keeping, and provide timely and consistent communication. Cumberland Trust is well staffed to carry out your estate plan.
- Impartiality. It is our duty to treat all beneficiaries objectively and impartially. There is no worry that we will be influenced to favor one beneficiary over another. A corporate executor or co-executor can be especially helpful when certain family dynamics may be involved.
- Accountability. A corporate executor’s actions are subject to periodic reviews, not only by the beneficiaries but also by independent auditors and regulatory examiners.
WHY CUMBERLAND TRUST?
Cumberland Trust has provided professional, comprehensive estate settlement services for many years throughout Tennessee and other geographic regions where we serve. We work closely with attorneys and financial advisors who have established estate plans and investment objectives for their long-standing clients. In addition to providing the unique expertise required for estate administration, we appreciate the importance of expressing compassion, understanding, and consideration toward your family members during a particularly emotional time. Choosing Cumberland Trust provides the peace of mind that comes from knowing you will have a qualified, caring, and independent corporate executor. In some situations, it can literally mean keeping the peace within the family.