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Retirement Plan Disclosure

Your retirement is one of your top priorities, and it’s one of ours too. That’s why we pay so much attention to every detail of your retirement strategy.

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How It Works

How It Works

Partial List of Duties of the Executor

  • Preliminary Steps — Locate and study the will; make funeral arrangements, if requested; confer with attorney who drew the will, and others familiar with the deceased’s affairs; meet with the family and other interested persons.
  • Safeguard Assets — Pending qualification as executor, protect property, check insurance, notify banks, examine deceased’s book and records, become familiar with deceased’s active business interests.
  • Probate — File petition and oath, locate witnesses, defend the will.
  • Assemble and Inventory Assets — Transfer cash to estate; collect debts; provide storage or protection for all personal and household effects; make claim for life insurance proceeds; secure custody for securities; inspect real estate; check leases, mortgages, taxes and insurance; collect rents; ascertain if decedent owned property in other states or an interest in others’ estates or trusts.
  • Appraisal — Establish value of all assets as of date of death, prepare and file inventory and appraisal.
  • Handling Assets — Decide when and how to dispose of household and personal effects; determine whether to continue, liquidate or sell business interests; arrange for supervision and management; determine whether to retain or sell securities, and whether to supervise or sell real estate.
  • File final accounting, pay all administrative and legal costs, distribute specific bequests, close the estate. 

Choose your Executor and Trustee Carefully

  • Once they’ve decided on the division of their assets, sometimes people don’t give much thought to the choice of their executor (or "personal representative" in many states).

This is a crucial decision — one you should turn over in your mind early in the planning stage. From the standpoint of your beneficiaries, on-the-job training of your executor can be a costly and unhappy experience.

Weigh carefully the nature of the many duties that must be assumed.

  • Will your executor be able to carry them out properly?
  • What is your proposed executor’s knowledge of estate settlement, finance and investments, estate taxes, and record keeping?
  • What about the continuing availability and state of the health of the executor?
  • Will your executor be impartial when dealing with your beneficiaries?

As you can see, the job can be daunting. BancorpSouth has a broad knowledge and many years of experience in settling estates and we are up to the task!

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