Christopher Yugo Times Columnist

Q: I don’t have any close family to serve as my executor. In my case, would you recommend naming a bank? What are the advantages and disadvantages?

A: Absolutely. If you are having a difficult time finding a personal representative for your estate, a bank’s trust department might be your answer. Full disclosure, I spent the first part of my career in various trust departments in the region. I’ve seen the work that these professionals do and I am a big fan.

For a lot of folks, a bank’s trust department is kind of a mystery. You may be familiar with the name, but not have any idea what goes on behind those heavy doors.

A bank trust department is an unusual critter in a bank. They offer what most people would call non-traditional financial and fiduciary

See Full Page