Items retained in your Connecticut estate upon your death will likely be subject to probate. During a probate case, your estate will be represented by an executor, who will be named in your will. Alternatively, an executor will be appointed by the court if you don’t have a will or if the person you named can’t take on the duty.
Any legal adult of sound mind can serve in such a role, and if necessary, you can hire a professional to do so. A professional fiduciary may also be helpful if assets are held in a trust outside of your estate.
Benefits of a corporate fiduciary
A corporate entity will likely survive longer than you do. If your case manager passes or retires, your account will be transferred to someone else who will be held to the same standards the previous person was. If a friend or family member dies, there is no guarantee that someone appointed by the court will do a good job of representing your interests.
A key downfall to using a corporate executor or trustee is that whoever handles your case may not understand your needs like a friend or family member would. It may also be harder to get in touch with someone in a corporate office, which means that it could be hard to have the routine estate planning conversations that enable an executor or trustee to gain the insight needed to make decisions after you pass.
The use of a fiduciary may help to streamline the process of settling your affairs. It may also help to avoid family infighting or other problems that could strain relationships. If desired, you can appoint a family member and a professional to oversee your estate plan.