Estate Settlement

Estate Settlement Without the Stress, Risk, or Family Tension

The process of settling an estate can be complicated and time consuming. And, if this duty is assigned to a family member, it can potentially cause tension among family members.

Estate Settlement Duties

Those who choose to serve as trustee or personal representative accept a fiduciary duty to work in good faith, in accordance with the terms of the governing document, and in the interest of all the beneficiaries of a decedent’s estate. Should they fail to fulfill their duties fully—and in compliance with state and federal law—they can face both legal and financial repercussions. Further, family members who accept the role, managing an estate through the settlement process can be a source of great strain on family relations. As a result, it is often advisable to entrust the estate settlement process to an experienced corporate fiduciary to provide a professional and objective outcome.

Working with Prairie Trust

The knowledge of a professional estate administrator can be invaluable. Prairie Trust has the expertise and experience to help ensure the estate settlement process is handled in a professional and efficient manner. We will work with your financial, tax and legal advisors to help ensure the process takes place expediently and competently. And, we will take all steps needed to help ensure your estate plan is implemented according to your wishes.

Initial Steps

• Collect and review all estate documents (Trusts, Wills, etc.)
• Meet with family members and other interested parties
• Assist surviving spouse with financial matters, including outstanding debts of the estate
• Publish a notice to creditors

Probate/Court Appointment Steps (if needed)

• Petition court for administration (if required)
• Serve copies of administration approval to interested parties
• File probate inventory after asset appraisal

Inventory and Collect Assets

• Inspect real estate and help ensure taxes, insurance and any lease provisions are handled properly
• Gather and safekeep jewelry and other valuables
• Work with insurance companies to gather any life insurance proceeds
• Work with financial advisors to help ensure proper custody of investments and determine what property or investments decedent owned
• If estate includes business or partnership interests, work with managers and business partners to help ensure a smooth transition based on business succession plan or sale
• Determine if estate is owed any retirement or government benefits

Verify and Pay All Estate Expenses

• Resolve any mortgages outstanding on estate property and/or loans owed to the estate
• Investigate and resolve any creditor claims

Resolve all Tax Issues

• Oversee preparation and filing of decedent’s tax return (federal and other jurisdictions), pay any taxes due or collect any refunds
• Prepare fiduciary income tax returns
• Resolve any disputed tax assessments
• If required, complete filing of estate tax returns and pay any tax due

Distribution of Assets

• Obtain final receipts and releases from beneficiaries and creditors
• Distribute assets to beneficiaries pursuant to terms of trust and will
• Fund any trusts created under the terms of the trust or will
• File final accounting and petition for distribution and discharge with probate division

Provide Accounting for Estate

• Provide all beneficiaries and other interested parties with periodic accountings of the estate settlement, including details of all receipts and disbursements made from the estate

Common Questions

"Can't I just name a family member or friend as my successor trustee or personal representative?"

Yes, an individual can serve in either role. However, they must be willing and able to commit the time, accept the responsibility, and accept the potential liability should they fail to perform any required duties. Though many in such a situation will seek out the assistance of attorneys and accountants to assist them in settling an estate, simply “hiring out” such tasks does not absolve the Personal Representative from the responsibility to make sure all steps to closing an estate are completed correctly and in a timely matter. 

1985 Supreme Court Rules Personal Representatives 
Have a “Non-Delegable Duty”

In a case heard by the U.S. Supreme Court in 1985 (United States vs. Boyle), the executor of an estate delegated the executor’s tax-filing obligation to an attorney.

The executor made numerous inquiries to the attorney regarding tax return preparation, and the attorney assured the executor that the return would be timely filed. Unfortunately, the attorney failed to do so because of a clerical error. The Personal Representative argued his reliance on the attorney constituted “reasonable cause” for the late-filing, which he argued should absolve him and the estate of all late-filing penalties.

Supreme Court Ruling: The court upheld the late-filing penalties and stated the Personal Representative had a “non-delegable duty to comply with the filing deadline and could not simply rely on his attorney to do so.”

Bottom line: An individual who agrees to serve as Personal Representative/Executor or as Successor Trustee bears the full responsibility to complete all the tasks associated with closing an estate regardless of who they hire to assist them.

"Isn't is more expensive to have Prairie Trust settle my estate?"

In most cases, a friend or family member will actually spend more money trying to settle the estate themselves. While they may not charge or take a fee, it’s likely they’ll need to engage the services of attorneys, tax professionals and others, which will incur additional costs, often charged per hour. In contrast, due to our legal and financial expertise, we can often settle the estate much faster and with less headaches. Prairie Trust does not charge a fee when being named in a future role like Personal Representative or Successor Trustee. We only charge a fee when actually serving after death.

Peace of Mind Through Professional Guidance

Handling an estate settlement is a complex, time-sensitive responsibility that carries significant legal, financial, and emotional risks. Working with Prairie Trust’s team of experienced estate settlement professionals helps ensure that every detail is handled accurately, efficiently, and in full compliance with applicable laws, while relieving family members of unnecessary stress and potential conflict. We provide objectivity, expertise, and careful coordination with legal, tax, and financial advisors, helping protect both family relationships and the value of the estate. Most importantly, partnering with us allows families to focus on what truly matters — honoring their loved one’s legacy with clarity, confidence, and peace of mind.

Prairie Trust can act as Personal Representative or Successor Trustee to settle the estate promptly, especially in the following situations:

• Total liquid estate value (excluding assets not payable to an estate or trust and real estate) of $500,000 or more
• No family member able to assume financial responsibility
• Strained family situation

For more information, contact me today!

Terry Doyle
Vice President - Director of Fiduciary Sales
(262) 953-2435

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