When creating an estate plan many believe that the most important decision that they will make is who to choose as their beneficiary. But there is one decision that may be just as important, and that’s who will serve as your trustee or executor. Hi, I’m Vincent Gaffney, First Vice President, Trust and Wealth Management with Hills Bank, and I want to share with you 5 things to consider when selecting your trustee or executor. Number one, you may choose an individual or a corporate executor or trustee. The individual may be a sibling, a spouse, a child, or any trusted person. An example of a corporate trustee or executor may be your local bank with a trust and wealth management division. [ding] Number two, an executor or trustee must act as a fiduciary. Fiduciary is a legal term which means that your executor or trustee must take the interests of the trust, the estate, and the beneficiaries above their own personal interests. This is a serious duty and should be allocated with great care. Number three, carefully consider your executor and trustee’s duties. Your executor or trustee must file all of your taxes, gather all of your assets, and distribute those assets. These tasks can take a year or longer to complete so make sure that you name somebody who is up to the task! Number four, you may name Co-Executors and Co-Trustees. It is possible to name more than one person as your executor or trustee to share in the duties of administration. You may also mix and match by naming an individual and corporate trustee to work together. Number five, a named Executor or Trustee may decline to serve. Simply naming somebody in your estate plan does not guarantee that they will have the ability to serve when the time comes. So we recommend that you share your plans with whoever you have named, and also it’s a good idea to have alternate executor or trustees named in case whoever you name is unable to serve when the time comes. If you have any questions about working with Hills Bank on your Estate Plan, please contact one of our Trust and Wealth Management Officers on online or give us a call. ♪♪♪