Can a bank act as an executor of a small estate?

Can a bank act as an executor of a small estate?

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Madison
Assistant at Parklin Law

The bank can act as the executor of a small estate, but there are some things you should know before the bank agrees to take on responsibility. Even if the bank does charge more than other companies, you'll be hard-pressed to find an alternative for less.

A common misconception is that banks are too large, impersonal and expensive to serve as executors of small estates. It's true that there are a number of services available online and they advertise their prices as being much lower than a bank, but you should consider the value of what you're getting before making this decision. You might be paying a lower price at an online service, but you may also be sacrificing certain perks that come with having a local bank handle your loved one's affairs.

And yes, it is possible for a bank to execute a small estate. The definition of "small estate" varies from state to state and is generally considered under $50,000 in value; however, there are more specific factors that determine how much work the executor will have to do and therefore how much it will cost them.

Does the deceased have stocks or bonds? If so, the executor must contact the appropriate parties at each brokerage house and complete paperwork in order to transfer ownership after the death.

If you have any questions or in need an Estate Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

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https://www.parklinlaw.com/
Parklin Law
Estate Planning Attorney in West Jordan
https://parkin-law.business.site/

40.605070, -112.027530

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Brigham City, UT, USA

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