City National Bank Estate Settlement Services
TRUSTS & ESTATES
Your legacy is too important to leave to chance. When the unspeakable happens, those you leave behind will have to act fast to satisfy state and federal law and preserve the value of your estate. Your choice of an executor, including a successor trustee in the case of your trust estate, is one of the most important decisions you will make when preparing your estate plan.
WHAT TO LOOK FOR IN AN EXECUTOR
Technical Expertise
Executor incompetency is the single largest reason an estate’s value is diminished or lost. Your executor should be competent and understanding, strictly adhering to your plan and the requirements of the law. And an executor must be available to serve. Even the most competent individuals may not have the time or desire to dedicate their efforts to this very difficult, often very time-consuming task.
Objectivity
An executor is required by law to be impartial, whereas a family member or close family friend may be influenced by emotions or complex family dynamics. A third-party fiduciary will administer your estate without prejudice or emotion.
Fiduciary Responsibility
Executors are personally liable for their actions as a fiduciary. In the event of any legal action based on their actions, your choice of executor will subject themselves to legal expenses and recovery by an aggrieved beneficiary.
GETTING STARTED
City National Bank's Trust and Estate Administration professionals work with your family and advisors to handle the complex legal, tax and administrative burdens involved in the wealth transfer process, including:
- Asset identification, collection, valuation and management
- Probate estate and trust administration
- Filing of estate tax returns
- Preparation of all required inventories and accountings
- Distribution of assets in accordance with the estate plan
Speak to your Relationship Manager to learn how we can administer your estate plan, including your trusts, with the highest level of care and sophistication so the legacy you envision is fulfilled.
Important Information
This document is for general information and education only. It is not meant to provide specific tax guidance. The information in this document was compiled by the staff of City National Bank (City National) from data and sources believed to be reliable, but City National makes no representation as to the accuracy or completeness of the information. The opinions expressed, together with any estimates or projections given, constitute the judgment of the author as of the date of the presentation. City National has no obligation to update, modify, or amend this document or otherwise notify you in the event any information stated, opinion expressed, matter discussed, estimate, or projection changes or is determined to be inaccurate.
City National Bank, its managed affiliates and subsidiaries, as a matter of policy, do not give tax, accounting, regulatory, or legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. Any strategies discussed in this document were not intended to be used, and cannot be used for the purpose of avoiding any tax penalties that may be imposed. You should consult with your other advisors on the tax, accounting and legal implications of actions you may take based on any strategies or information presented taking into account your own particular circumstances.
This presentation (or any portion thereof) may not be reproduced, distributed, or further published by any person without the written consent of City National.
Professional trustee services are offered to City National Rochdale clients by City National Bank which may serve as trustee.
City National Rochdale, LLC is an SEC-registered investment adviser and wholly-owned subsidiary of City National Bank. Registration as an investment adviser does not imply any level of skill or expertise. City National Bank is a subsidiary of the Royal Bank of Canada.
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