One of the most important decisions to make in estate planning is whom you name as executor of your estate. An Executor of the Estate (sometimes called a Personal Representative, or P.R.) is the person named to carry out the provisions of the will.
Generally, an executor takes charge of the deceased’s assets and/or property and ensures that all outstanding debts, charges and taxes are paid before distributing the net assets to the beneficiaries of the will. The executor controls the estate from the time of death until the last federal and state tax returns have been filed and all assets have been distributed to the beneficiaries.
GSS serves as PR of Estates. The main advantage of a corporate PR is to be assured that the named PR will be around when the time comes. Other benefits of using a professional fiduciary as a PR include avoiding family conflict, as well as expertise in accounting, financial and tax matters, and property management.
Wills often nominate alternative executors in order to plan for a scenario in which the primary executor is unable to serve when required. It is always wise to have a corporate fiduciary named as a backup in case this occurs.
GSS is sometimes appointed as successor executor in probates in which the executor has been removed by the court for failure to perform their duties or otherwise fail to conduct themselves satisfactorily to the court.