Frequently Asked Questions (FAQs)

General

What is a banking center?

Banking centers are branch locations where Talmer Bank and Trust account holders conduct banking transactions.

How do I access my accounts?

Talmer Bank and Trust offers various ways to access your account information. Customers can utilize online banking at www.talmerbank.com, telephone banking available at 800.405.9997, mobile banking and relationship banking at one of our local banking centers. Questions regarding these services can be directed to 800.456.1500 or click on “Contact Us,” at the top of this page. 

How do I locate the nearest Talmer Bank and Trust Banking Center?

To locate the nearest banking center, use our "Banking Center/ATM Locator," located at the top of the page or contact us at 800.456.1500.

 How do I locate the nearest Talmer Bank and Trust ATM?

To locate the nearest ATM, use our "Banking Center/ATM Locator," located at the top of the page or contact us at 800.456.1500.

What is Talmer Bank and Trust's ABA Routing Number?

Our ABA Routing Number is 072414255.

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Bank Owned Properties

What is a bank owned or "REO" property?

"Real Estate Owned" (REO) is a banking term used to describe a property that was acquired by a bank, lender or servicer as a result of a foreclosure or deed in lieu of foreclosure. Once the foreclosure or deed in lieu of foreclosure process is completed, the title has been transferred and the property is ready to be marketed. The property will be available for sale through a local real estate agent.

Since many REO properties may require home improvement efforts, we also provide financing that may enable you to combine purchase and improvement financing into a single loan. This financing offers a number of benefits, including the possibility of borrowing more based on the home’s improved condition. For more information on the benefits of this financing and on the home improvement process, please contact the mortgage loan officer at your local Talmer Bank.

I thought Talmer Bank was servicing a specific REO property, but I can't find it on Talmer Bank’s Bank Owned Properties website? What should I do?

First, we suggest that you verify the current property title information from your source. If the property is not titled to Talmer Bank and Trust, it may not be serviced by us and won't be available on Talmer Bank’s Bank Owned Properties website. It is also possible that the property is not available for sale because it is still occupied, in redemption or deemed unmarketable at this time.  Please visit Talmer Bank’s Bank Owned Properties website again at a later date.

The city identified a property as a “Talmer Bank REO property," but it isn't on the website. How can I get information about this property?

The property may not be available for sale because it is still occupied, in redemption or deemed unmarketable at this time.

Keep in mind that it can sometimes take 14 days or longer for an REO property to become available for sale. For any other questions about REO properties that are believed to be serviced by Talmer Bank, but are not listed on this site, please call 800.456.1500.

I want more property details than what's listed here. How can I get more information?

Please contact the local real estate agent who represents the property for more details.

May I get a foreclosure list?

Due to privacy issues, Talmer Bank does not provide lists of properties in the foreclosure process. You can enter search criteria on Talmer Bank’s Bank Owned Properties website to see a list of REO properties in the city or state that interests you.

How long does it take after a foreclosure sale for a property to be listed on this site?

The length of time varies due to different state laws and other factors. In general, a property is listed as soon as the title is transferred and it is ready to be marketed. Please check Talmer Bank’s Bank Owned Properties website periodically for updates.

Are these properties only listed on the Talmer Bank’s Bank Owned Properties website?

No. The properties listed on Talmer Bank’s Bank Owned Properties website may also be available on other websites or through your real estate agent. Talmer Bank lists REO properties with local real estate agents who typically place them on their regional Multiple Listing Service (MLS). This means that information about the Talmer Bank REO property is available to all real estate agents and websites that display properties from the MLS.

Who may I contact if I have questions about a property?

All Talmer Bank REO properties are listed with a local real estate agent. The local real estate agent is your best source for information about the property. The agent's contact information is listed with the property details on the website. For those REO properties that are identified as “New Listing” with no real estate agent note, please call 800.456.1500.

Do you sell Talmer Bank REO properties directly to the public?

Our local listing real estate agents coordinate with potential buyers and present all offers to Talmer Bank.

How can I purchase an REO property from Talmer Bank?

Offers for Talmer Bank REO properties should be made through the listing real estate agent. The contact information for the agent is listed with the property details on Talmer Bank’s Bank Owned Properties website.  For those REO properties that are identified as “New Listing” with no real estate agent noted, please call 800.456.1500.

Do you sell your properties at a discount?

Talmer Bank lists and sells properties at their current fair market value.

I already have a real estate agent. May I present an offer to Talmer Bank through my real estate agent?

You may ask your real estate agent to write your offer and present it to our local real estate agent who will then present it to Talmer Bank. The sale of our properties follows standard real estate procedures applicable to the state where the property is located.

May I make an offer on a property before the foreclosure is complete?

Yes, in some cases. Talmer Bank cannot accept an offer until the foreclosure has been completed and the title has been transferred. You may present pre-foreclosure offers to the owner of the property, but not Talmer Bank. If the offer is for less than the amount owed, this is referred to as a "short-sale" and will require Talmer Bank’s approval. Your real estate agent should be able to work with you and help you present an offer to the owner. Note: The information provided on Talmer Bank’s Bank Owned Properties website is for informational purposes only and should not be used to make any financial or purchase decisions. Contact the listing real estate agent for further information.

May I inspect the property?

Yes. You may schedule inspections on the property once your offer is accepted. The inspections will be at your expense and should be scheduled through the listing agent. The Talmer Bank REO properties are all offered and sold "as-is" and "where is," without representation or warranty, so it's important that you schedule any inspections you deem necessary.

Should I get a home inspection?

Yes. We encourage potential buyers to get a professional inspection as soon as possible. REO properties are typically sold in “as is” condition, making you responsible for fixing whatever problems exist. Knowing the home’s condition will give you the information you need to make your offer.

May I purchase properties in bulk?

Talmer Bank may conduct Bulk Sales from time to time. If you are interested in being added to a list of potential Bulk Sale Purchasers, please send an email with your contact information to REO@talmerbank.com .

Does Talmer Bank offer financing options on the Talmer Bank REO properties?

Yes. Talmer Bank may offer special financing for certain properties listed. We offer the opportunity for you to partner with one of our mortgage loan officers who will provide you with information about all of the current financing options that are available to you. While you are not required to acquire financing from us, obtaining a free mortgage prequalification will help expedite the approval process by giving us the confidence that you can close a loan on the property.

How do I apply for pre-qualification from the Talmer Bank Mortgage Department?

Your listing agent should be able to refer you to one of our mortgage loan officers. If they cannot, you have a couple of choices:

  • You can locate a local mortgage loan officer by visiting the Talmer Bank website and clicking on the Mortgage tab
  • Email us and we will refer you to a mortgage loan officer in your community. 
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Online Banking

What is Online Personal Banking?

Online Personal Banking is a service that provides 24-hour access to real-time account information from your computer. It is convenient, easy to use and more secure than ever.

When you utilize Talmer Bank and Trust Online Personal Banking service, you can...

  • Check current balances on checking and savings accounts, Certificates of Deposits (CDs) and Individual Retirement Accounts (IRAs)
  • View check images
  • Schedule payments
  • Transfer funds
  • View up to 24 months of account statements 
  • Export your transaction information into your financial management software such as Quicken™ or Microsoft Money™
  • Set up account alerts to notify you when specific criteria has been met on your accounts
  • Create nicknames for your accounts for personalized, quick and easy reference

What is Business Online Banking?

Business Online Banking is a complimentary service that offers precise control of your day-to-day finances and the option to virtually take care of all your banking needs online, at any time. With Business Online Banking, you save time, improve your cash flow and streamline your cash management procedures in a fully secure environment.

With Talmer Bank and Trust Business Online Banking you can...

  • View real-time account balances and check images
  • Schedule payments
  • Transfer funds
  • Access up to 24 months of account statements
  • Perform wire transfers to other institutions
  • Participate in direct deposit payroll
  • Administer Positive Pay — check fraud protection
  • Define employee user access
  • Export your transaction information into your financial management software such as Quicken™ or Microsoft Money™
  • Set up account alerts to notify you when a specific criteria has been met on your accounts

Are there any fees associated with Talmer Bank and Trust's Online Banking service?

Online Banking is a complimentary service to our customers. However, if a customer elects to stop payment on a check using Online Banking, a $31 fee may be assessed.

Business Online Banking is also a complimentary service provided to our business customers. However, there are nominal fees associated with the following features:

  • Wire transfers — fee per transfer
  • Remote deposit
  • Positive Pay
  • ACH (payroll)  

For more information on Common Account Services Fees for added features, contact us at 800.456.1500.

What is Online Bill Payment?

Online Bill Payment allows you to pay your bills online at any time. It’s free, flexible, convenient and much faster than writing checks.

How do I enroll in Online Banking?

To begin the enrollment process, click on “New to Online Banking," located at the left of the page. We will walk you through the rest! Questions regarding enrollment can be directed to 800.456.1500.

What if I want to change my Online Banking password?

To change your Online Banking password, you will need to login to www.talmerbank.com. Once you've accessed your Online Banking account, click on “Options” located under “Password” and select “Edit.” Your password must be 8-17 characters in length and must include one uppercase letter, one lowercase number and one number (with no spaces).  Numeric and special characters are also allowed.

What if I forgot my Online Banking password?

If you do not remember your Online Banking password, click on “Forgot Password” located under "Access ID," in the “Online Banking Access” section to the left of the page. After entering your Access ID, a temporary password will be e-mailed to you.  You can also contact us at 800.456.1500. Once your identity is verified, you will be issued a temporary password.

What if I forgot my Online Banking Access ID?

If you do not remember your Online Banking Access ID, please contact us at 800.456.1500. Once your identity is verified, your banker will disclose your Online Banking Access ID. 

What are the system requirements for using Online Banking?

The Online Personal Banking system requirements are as follows:

• Microsoft Windows 98, ME, 2000, or XP

• Microsoft Internet Explorer 6.0 and higher

• Netscape Navigator 6.1 and higher

• Mozilla Firefox 1.0 and higher

• Opera 7.54 and higher

• Mozilla Camino 0.8.1 and higher

• Apple Safari 1.0 and higher

• Mac OS X

 

The Business Online Banking system requirements are as follows:

• Microsoft Windows 98, ME, 2000, or XP

• Microsoft Internet Explorer 6.0 and higher

• Mozilla Firefox 1.0 and higher

• Mac OS X OS 10.0.38 and higher

• Firefox 1.0 and higher

• Apple Safari is not a qualified browser for Business Online Banking

How do I view my account statement(s) online?

To view your statement, log-in to Online Banking.  On the landing page, click "Accounts" to display your list of accounts.  From the drop down menu, select the account you would like to view.  When the account summary page appears, choose "Documents" in the navigation bar.  The Document Search screen will open.  Choose "Account Statement PDF" from the drop down located above the date range.  Your statements for the date range specified will appear.

If you are having difficulties viewing your statement, verify you have chosen the PDF file and save it to your computer.  Open and view your saved statement.  This may be a faster alternative for users who do not have high speed internet service.  If you have any further questions, please contact us.

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Mortage Loans

What is a mortgage?

A mortgage is a loan obtained to purchase or refinance real estate. The mortgage itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest.

How will my mortgage lender determine the maximum, yet most affordable, loan amount for me?

The lender will consider your debt-to-income ratio, a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include long-term debts, such as car or student loan payments, and alimony or child support.

According to the Federal Housing Administration (FHA), monthly mortgage payments should be no more than 29% of your gross income. The mortgage payment, combined with non-housing expenses, should total no more than 41% of your income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining the maximum loan amount.

What is a Loan-to-Value (LTV) ratio and how does it determine the size of my loan?

The loan-to-value (LTV) ratio is the amount of money you borrow, compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example, a 95% LTV loan on a home priced at $50,000, allows you to borrow up to $47,500 (95% of $50,000), with a $2,500 down payment.

The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV, the less cash homebuyers are required to pay out of their own funds. So, to protect lenders against potential loss in case of default, higher LTV loans (80% or more) usually require mortgage insurance.

What types of loans are available and what are the advantages of each?

Fixed Rate Mortgage (FRM) - available for a variety of short and long term loans. The interest rate may be lower on a short term mortgage than a long term mortgage due to its shorter repayment period. Payments are made over a longer term in equal monthly installments.

Advantages of an FRM include:

  • Predictability
  • Affordability due to longer repayment period

 

Adjustable Rate Mortgages (ARMs) - often have a reduced rate of interest at the beginning of the loan. Interest rates change periodically and maturities are available for a variety of terms. Each time the interest rate changes, your payments are adjusted to ensure the loan is paid in full by the maturity date.

Advantages of an ARM include:

  • Initial fixed rate period
  • Interest rates may be adjusted to no more than two percent each year with a lifetime cap of six percent

When should I consider an ARM?

If you are confident that your income will increase steadily over the years or if you anticipate moving in the near future, and are not concerned about potential interest rates, then an ARM may be a good fit for you.

What are the advantages of long and short term loans?

Long term loan:

  • In the first 23 years of the loan, more interest is paid off than principal, resulting in larger tax deductions
  • As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses

Short term loan:

  • The loan is usually made at a lower interest rate
  • Equity is built faster because early payments pay more principal

How large of a down payment will I need?

Today, there are mortgage options available that only require a down payment of 5% or less of the purchase price. However, the larger the down payment you pay, the less you will have to borrow, and the more equity you will have. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, remember that you'll also need money for closing costs, moving expenses, and possibly, repairs and decorating.

How does the interest rate factor in when securing a mortgage loan?

A lower interest rate allows you to borrow more money compared to a high interest rate with the same monthly payment. Interest rates can fluctuate as you shop for a loan, so ask lenders if they offer a rate "lock-in," which guarantees a specific interest rate for a certain period of time. Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance and other fees included in the loan.

What happens if interest rates decrease and I have a fixed-rate loan?

If interest rates drop significantly, you may want to consider refinancing. Most experts agree that refinancing is smart if you plan to be in your home for at least 18 months and you can secure a rate that is 2% less than your current one. However, refinancing may involve paying many of the same fees paid at the original closing, plus origination and application fees.

What are discount points?

Discount points are prepaid interest, with each point equaling 1% of the total loan amount, allowing you to lower your interest rate. Generally, for each point paid on a long term mortgage, the interest rate is reduced by 1/8 (or .125) of a percentage point. When shopping for loans, ask lenders for an interest rate with 0 points, then compare how much the rate decreases with each point paid. Discount points are smart if you plan to stay in a home for some time, since they can lower the monthly loan payment. Points are generally tax deductible* and it’s possible to negotiate with the seller to pay a portion of them.

* Ask your tax advisor for further information regarding the deductibility of interest and points.

What is an escrow account and do I need one?

Established by your lender, an escrow account is a place to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance, mortgage insurance (if applicable) and property taxes. Escrow accounts are smart because they assure money will always be available for these payments. If you use an escrow account to pay property tax or homeowner's insurance, make sure you are not penalized for late payments since payment is the lender's responsibility.

What steps need to be taken to secure a loan?

The completion of a loan application is the first step to securing a loan. To do so, you'll need the following information:

  • Pay stubs for the past two to three months
  • W-2 forms for the past two years
  • Information on long-term debts
  • Recent bank statements
  • Tax returns for the past two years
  • Proof of any other income
  • The address and description of the property you wish to buy
  • Sales contract

During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between one to six weeks.

How do I choose the best loan program for me?

Your personal situation will determine the best loan program for you. Narrow your search by asking yourself the following questions:

  • Do you expect your finances to change over the next few years?
  • Are you planning to live in this home for a long period of time?
  • Are you comfortable with the idea of changing mortgage payment amounts?
  • Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

Your lender can help you use your answers to determine which loan best fits your needs.

What is a good-faith estimate and how does it help me?

A good-faith estimate is an estimate that lists all fees paid before closing, all closing costs and any escrow costs you will encounter when purchasing a home. The lender must supply it within three days of your application so that you may make accurate judgments when shopping for a loan.

What responsibilities do I have during the lending process?

To ensure you won't fall victim to loan fraud, be sure to follow these steps as you apply for a loan:

  • Read and understand everything before you sign
  • Refuse to sign any blank documents
  • Do not buy property for someone else
  • Do not overstate your income
  • Do not overstate how long you have been employed
  • Do not overstate your assets
  • Accurately report your debts
  • Do not change your income-tax returns for any reason
  • Tell the truth about gifts
  • Do not list fake co-borrowers on your loan application
  • Be truthful about your credit problems, past and present
  • Be honest about your intention to occupy the house
  • Do not provide false supporting documents

What happens after I’ve applied for my loan?

It usually takes a lender between one to six weeks to complete the evaluation of your application, and it’s not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide that information, the faster your application will be processed. Once all the information has been verified, the lender will contact you regarding the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you. After closing, you'll be able to move into your new home.

What do closing costs consist of?

There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following:

  • Attorney or escrow fees (yours and your lender’s, if applicable)
  • Property taxes (to cover tax period to date)
  • Interest (paid from date of closing up to 30 days before first monthly payment)
  • Loan origination fee (covers lender’s administrative cost)
  • Recording fees
  • Survey fee
  • First premium of mortgage insurance (if applicable)
  • Title insurance (yours and your lender’s) 
  • Loan discount points
  • First payment to escrow account for future real estate taxes and insurance
  • Paid receipt for homeowner’s insurance policy (and fire and flood insurance, if applicable)
  • Any documentation preparation fees

What can I expect to happen on closing day?

First, you will present your paid homeowner's insurance policy, or a receipt showing that the premium has been paid. The closing agent will then provide a list of the remaining balance that you owe the seller (the remainder of down payment, prepaid taxes, etc.) and the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will also provide proof of any inspection, warranties, etc. at this time.

After reading through and understanding the documentation, you will be asked to sign the mortgage agreement. By signing the document, you are agreeing that if you are unable to the required payments, the lender is then entitled to sell your property and apply the sale price against the amount you owe, plus expenses. You will also sign a mortgage note, promising to repay the loan. The seller will then give you the title to the house in the form of a signed deed.

You will pay the lender's agent all closing costs and, in turn, he or she will provide you with a settlement statement of all the items for which you have paid. The deed and mortgage will then be recorded in the state Registry of Deeds, and you will be a homeowner!

What is the Federal Housing Administration (FHA)?

Now an agency within the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA) was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA offers the security needed to lend to first-time buyers who might not qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.

How can the FHA assist me when buying a home?

The FHA works to make homeownership a possibility for more Americans. With an FHA loan, you don't need perfect credit or a high-paying job to qualify. The FHA makes loans more accessible by requiring smaller down payments than conventional loans. In fact, an FHA down payment could be as little as a few months’ rent, and your monthly payments may not be much more than what you would possibly pay for a rent payment.

What do I need to do to qualify for an FHA loan?

To qualify for an FHA loan, you must meet the credit requirements to show that you will be able to afford the mortgage payments and cash investment. You must also plan to use the mortgage property as a primary residence.

What are the steps involved in the FHA loan process?

With the exception of a few additional forms, the FHA loan application process is similar to that of a conventional loan. With new automation measures, FHA loans may be originated more quickly than before. If you don't prefer a face-to-face meeting, you can apply for an FHA loan via mail, telephone, or the Internet.

How large of a down payment do I need with an FHA loan?

You must have a down payment of at least 3.5% of the purchase price of the home. The most affordable loan programs offered by private lenders require a 3-5% down payment, with a minimum of 3% coming directly from the borrower's own funds.

What can I use to pay the down payment and closing costs of an FHA loan?

Besides your own funds, you may use cash gifts or money from a private savings club. For a lease purchase, paying extra rent to the seller may also be considered as the same as accumulating cash.

How does my credit history impact my ability to qualify?

The FHA is generally more flexible than conventional lenders in its qualifying guidelines. In fact, the FHA may allow you to re-establish credit if...

  • All judgments have been paid
  • Any outstanding tax liens have been satisfied or appropriate arrangements have been made to establish a repayment plan with the IRS or State Department of Revenue
  • Three years have passed since a foreclosure or a deed-in-lieu has been resolved

What is mortgage insurance?

Mortgage insurance protects lenders against some or most of the losses that result from defaults on home mortgages; it is a requirement for borrowers making a down payment of less than 20%.  Like home or auto insurance, mortgage insurance requires payment of a premium. It is for protection against loss and is used in the event of an emergency. If a borrower cannot repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses.

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Wealth Management

Who should settle your estate?

The ultimate goal of estate planning is to ensure the security of your family and others named in your will. To achieve that goal, you name an executor (sometimes referred to as a personal representative) who will be responsible for settling your estate. The importance of choosing the right executor cannot be overemphasized. Trust is essential — you want to be completely confident that, in your absence, your wishes will be carried out exactly as you want them, with sensitivity and tact. Skill and experience are also critical. Your executor will have to file taxes and tax returns (even if federal estate taxes are repealed, income tax, as well as state and local taxes, will still be in place), pay debts, settle claims, manage real estate, handle investment and business interests, and much more. In other words, an executor bears a heavy burden — a burden that may rest upon his or her shoulders for two years or more.

How do I choose an executor?

If you are like many people, you may have drafted your will many years ago when your estate was small. The spouse, relative or friend whom you named may have seemed to be a logical choice at the time, but you may not have realized that...

1. An individual executor may be inexperienced in settling an estate. Although it may be possible for your executor to learn while he or she is “on the job,” it is impossible to calculate the cost of unnecessary delay and lack of expertise in such responsibilities as asset appraisals, post-death tax planning, and investment of estate and trust assets.

2. An individual executor may not consider your estate his or her first priority. Events in the business or personal life of your executor are no excuse for failing to carry out his or her duties and responsibilities to your estate and heirs. An executor may even resign and be removed, in which case, a successor executor would be named — resulting in court proceedings, delay and more bills for your estate.

3. An individual executor may be absent. No individual can guarantee constant and immediate availability. Circumstances beyond an individual executor’s control may require him or her to be away at a time when your estate demands attention. An executor’s duties and responsibilities require close attention.

4. Any individual executor whom you name may die before or during estate settlement. Unless you designate an alternate who can and will act, a court must appoint an executor. The individual ultimately chosen may be someone of whom you would have approved, but possibly, the court may appoint a total stranger — or worse, someone whom you never would have chosen. What’s more, this appointed executor will have to be bonded at the expense of your estate. Regardless of how far estate settlement has progressed, accounting likely would have to be filed with the court, and again, all costs charged to your estate.

5. An individual executor may become physically or mentally incapacitated. In this instance, the process of settling your estate may grind to a complete halt, waiting upon a determination of whether your executor will recover. Court proceedings may be required to remove the incompetent executor and name a successor.

What happens when one serves as an executor?

Over the years, your estate has grown substantially and your executor has grown older, two good reasons to reevaluate your earlier choice of executor. There are many reasons to choose Talmer Bank and Trust to serve as your executor or co-executor:

1. Constant availability and continuity: No individual or group of individuals can ensure the continuous availability required to carry out the directions in your will. Only through the designation of a professional, corporate executor can you be certain of the degree of permanence that estate settlement requires. With our continued corporate existence, we can serve from year to year.

2. Specialized experience and sound judgment: Settling an estate often requires knowledge not easily attainable by someone not constantly engaged in the process of estate settlement. No one individual can be a specialist in all the areas that an executor is responsible for. We, however, have trained specialists to provide all the services needed to settle an estate.

3. Impartiality: A professional executor will treat all your heirs in the same fair and impartial manner. We cannot be influenced or pressured by anyone based upon personal or business relationships. What’s more, we are unlikely to be approached and asked for special consideration.

4. Cost: What your executor does, and how he or she does it, can make a difference in what your heirs ultimately receive. Inexperience can lead to mistakes and mistakes can be costly for your heirs. In addition, when you choose our institution to serve as executor, you are likely to pay no more than you would for the services of an inexperienced executor.

5. Unquestioned financial responsibility: Potential penalties under the tax law should make you reluctant to subject a spouse, relative or business associate to such financial risks by naming him or her as executor. When you name a financial institution such as ours, with significant financial resources and stability, you eliminate the possibility of financial liability that your family, friend or business associate would face as your executor.

What are the executor’s duties?

An executor’s duties include:

  • Collecting and safeguarding estate assets
  • Taking inventory of all assets and obtaining valuations needed for tax purposes, using qualified appraisers as needed
  • Paying valid debts and collecting money owed to the estate
  • Filing federal and state income, estate and inheritance tax returns as required
  • Paying all taxes due
  • Maintaining detailed records of all estate transactions
  • Carrying out the terms of the will by distributing money and property to the proper beneficiaries, or to the trustee who will manage the money or property for the beneficiaries
  • Preparing a comprehensive final accounting for the beneficiaries and, where required, the court

Do I need more facts?

It is likely that you have specific questions about how the process of estate settlement will take place in your personal circumstances. We would be glad to review your will and answer any questions that you may have.

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