The process of administering an estate or trust can be a complicated and stressful experience. Our Trust staff is highly trained in fiduciary matters. We will carry out these duties in a professional manner and will exceed the ethical guidelines for our profession. Your surviving spouse or children will not need to worry about how to address these matters, as we will handle these duties for you in a prompt and efficient manner.
Estate settlement through the probate court is necessary when an individual dies owning assets in his or her name alone. This is true whether or not the decedent has a valid Will. The settlement of an estate is governed by the terms of the Will and by state law. Chemical Bank Wealth Management offers services to act as personal representative under your Will and will work along with your attorney and the probate court to provide a smooth settlement of your estate and a prompt distribution of your estate assets. The personal representative is responsible for payment of all funeral and administration expenses; debts; filing and payment of income, estate and gift taxes (if any); and proper filings with the probate court. All assets are then distributed either outright or into a trust depending the terms of the Will.
Chemical Bank Wealth Management provides comprehensive trust administration services for clients with assets held in trust. Clients name Chemical Bank as trustee when an independent trustee is required, or to reduce the burden on family members who may lack the time, expertise, and resources to effectively manage a trust. The trustee is responsible for the management of the trust assets during the term of the trust, including prudent investment, accounting and tax reporting, and making all mandatory and discretionary distributions.
Each trust or estate account will have a dedicated personal trust officer and a trust investment officer for comprehensive management of the investments. The investment management strategy for each account will be based on factors including the anticipated duration of the trust and the number and types of beneficiaries. The personal trust officer and the trust investment officer will meet with the beneficiaries and any co-trustees on a regular basis to evaluate the portfolio and assess the performance of the investments.
If you wish to make your own investment decisions, you may wish to use Chemical Bank for providing custodial and safekeeping services of the assets in your account. In this case, you will receive periodic statements, safekeeping of assets, efficient execution of trades and all required tax reporting information.
Each client has the option of receiving account statements in paper or electronic form. Both printed and electronic statements will provide complete reporting of all transactions during the period and a listing of assets held on the statement date. Clients selecting to receive electronic statements will have online access to view account activity at their convenience.
As a Chemical Bank Wealth Management client, you may choose to have Chemical Bank take on the responsibility of paying bills from your account. This enables you to focus on important personal matters while we assume the responsibility of timely payments of your bills. In addition to bill paying, we also offer accurate record keeping of all transactions within your account. This service includes tracking the cost basis of each asset, which is necessary for proper tax reporting of gains or losses on the sale of an asset.
We do all of the preparation of income tax returns related to the trust or estate in-house. In addition to the preparation and filing of the fiduciary tax returns, each beneficiary who receives a distribution from a trust or estate will also receive notification of the taxable income that must be reported on his or her individual income tax return.