The Washington State Bank, having been appointed by the District Court as Personal Representative of an estate (synonymous with Executor or Administrator), will perform numerous personalized duties:
- Marshal all the assets and liabilities of the estate.
- Arrange for the appraisal of the assets.
- Determine the beneficiaries' and the estate's cash needs as well as the estimated income from the estate.
- Continue to manage all of the assets and collect all the income from whatever source.
- Pay debts of the estate and defend it against improper claims.
- Assist in the preparation of the decedent's final income tax returns, the estate's income tax returns and the federal estate and Iowa inheritance tax returns.
- Pay all specific bequests and make final distribution of the estate as set forth in the Will or as prescribed by law.
- Prepare an accounting for the Probate Court and the beneficiaries detailing all of the transactions which occurred during the estate administration.
- Review the progress of the estate from time to time with the heirs.