Charlie's Compass
THE MODERN ESTATE IS DIFFERENT THAN THE
FAMILY PHOTO
Perspectives Offered by Charles Curtin, JD, LLM, CTFA
VP, Trust Officer
On the mantel at my parents’ house sits a photo of my family from the early 1900s. In the center is one of my great‑aunts, surrounded by so many relatives it’s hard to count them all. If you look closely, you might even spot a newborn tucked into the background on that rickety porch.
My family came to the United States during the Irish Potato Famine and settled in Northeastern Pennsylvania as railroad laborers—not coal miners. They lived simply, worked hard, and had lots of children. My mother’s generation carried on the tradition: five sisters growing up in a two‑bedroom house in Dunmore, Pennsylvania.
But over the generations, our family has had fewer and fewer children. That’s not a coincidence. A recent Pew Research Center survey found that 47% of adults under 50 expect to have no children. Smaller families are now the norm.
And with that shift comes new challenges. For instance: who cares for someone who’s aging without children? Relatives? Friends? And what about the financial side for those who can’t manage on their own?
In the estate‑planning world—where I spend my time—the big question becomes: Who will make sure everything is handled the way you want?
Most estate plans assume there’s a natural next of kin ready to step in. But if there isn’t, who do you turn to, both in life and after death? Without naming a financial power of attorney or an Executor, those decisions may be left to the courts—or to someone who isn’t prepared for the responsibility. Even when people do choose someone, it’s usually a sibling or close friend.
Anyone who has served as an Executor will tell you it’s tough. It takes hours of gathering information, reviewing documents, selling assets, and eventually distributing everything. In a time of grief, that burden can feel overwhelming—and sometimes old family tensions bubble back up. On top of that, siblings or friends appointed to the role are often near the same age as you, meaning they may be elderly themselves when the time comes.
An option many overlook is naming a Bank Trust Department to administer financial affairs and/or an Estate. And honestly, it can be the better choice (yes, I may be biased). Unlike humans—my gray temples and all—a Trust Department doesn’t age. There will always be someone at the Bank with financial expertise available to manage your affairs. Further, Bank’s adhere to a strict fiduciary duty to follow your instructions exactly. It doesn’t favor beneficiaries or take sides; it simply carries out your wishes. Those long-standing disputes are of no concern. It may sound coarse, but the Bank “does not care” about anyone’s interests other than expressed in the document. Its job is to specifically carry out the words on the page.
Beyond handling the Estate when the time comes, Bank Trust Departments can also help at other life stages with investment management, bill‑paying support, and consolidating accounts under one roof. These in-life decisions can make things more manageable for all when the time comes.
If you are in the situation like so many others, where you desire a professional to manage your investments or Estate, we invite you to contact The Honesdale National Bank Trust Department. We’ve been proudly serving our community with trust services for over 100 years.
The Honesdale National Bank and its employees do not render legal, tax, or accounting advice. Accordingly, you and your attorneys and accountants are ultimately responsible for determining the legal, tax, and accounting consequences of any suggestions offered herein. Furthermore, all decisions regarding financial, tax, and estate planning will ultimately rest with you and your legal, tax, and accounting advisors. Any description pertaining to federal taxation contained herein is not intended or written to be used and cannot be used by you or any other person, for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Code. This disclosure is made in accordance with the rules of Treasury Department Circular 230 governing standards of practice before the Internal Revenue Service.
Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.
Technology is allegedly supposed to make life easier. You can order a ride from your phone, use your debit card to pay for parking, and have a conversation with your car to adjust the temperature. All marvels for sure, but I can’t really say these examples have substantially enhanced the quality of my existence. In fact, I would argue technology has made daily living more cumbersome. I can only remember so many passwords.
The pace of technologic change has changed people’s attitudes on work and life. We are in our Instant Gratification Era. Instant riches are now expected. Patience from both the employee and employer is a thing of the past. According to the Bureau of Labor Statistics, the average worker only stays at his or her current employer for less than 4.5 years. Gone are the days where you can stay at a generous company for 35 years and receive a nice watch and pension for your service. This is not today’s world.
As people move from location to location, job to job, and romance to romance, they also coincidentally acquire a number of financial relationships. Most likely, one single person will have retirement, investment, bank, and other accounts spread across various institutions. This is an unorganized way to conduct business. Accounts are often forgotten or overlooked. In certain circumstances, tried and true practices may have greater value than spreading ourselves thin across the newest offerings. Having all of your financial accounts under one roof can provide benefits in more ways than you may expect.
Simplicity. The advent of electronic investing has been liberating. More people are deciding to go it alone with their investments, electing to not utilize traditional financial advisors. This type of investor often holds several brokerage and/or investment accounts. The Honesdale National Bank encourages a Trust Department custodial account as a better alternative.
A custodial account can consolidate all kinds of investments and cash into one single account. The account, including all investment decisions, are managed by you, the customer.
Earning Potential. You’ll be taking advantage of potentially higher interest rates on available cash, reduced trading costs and lower share costs with many brokerage houses due to the Bank’s status as an institutional investor. The Trust Department then collects all the accounts’ investments, income, interest, and dividends, and will also manage all of its bookkeeping and safekeeping responsibilities. The account can be further utilized like a personal bank account to pay bills on time or conduct any type of other banking transactions. Just think, instead of receiving a dozen tax reports at the end of the year from different investment companies, only one will be sent by the Trust Department.
Privacy. Trust custodial accounts are private. Bank trust departments are separate from the retail side of the bank. This means that only trust personnel have access to individual account information. In addition, all of HNB Trust Department’s accounts are pooled together in one large account held at a different financial institution. This pooled account contains no individual customer information, only the bank’s name. When a custodial account holder decides to make purchases or sales on behalf of their account, we contact our outside institution, who then makes the purchase or sale on the bank’s behalf. After the transaction settles, we internally debit or credit the particular customer’s account. This ensures that Trust Department transactions are completely anonymous.
Ease and Speed. Custodial accounts also offer estate planning benefits. The executor or executrix of an estate’s job is to gather up the assets of the deceased, pay debts, and then distribute the remainder to the heirs. It is a herculean chore, which becomes even harder if the estate has money at every bank or brokerage house known to man. If an estate does have assets at a number of different places, it often takes months to settle everything. A custodial account makes things much easier for the executor or executrix. Instead of contacting and preparing paperwork for numerous financial institutions, all they have to do is close out one custodial account. Further, the executor or executrix will not have to spend additional hours trying to value far flung assets because the custodial account should have all of the values recorded and in one place.
Getting Started. The creation of a custodial account at The Honesdale National Bank is simple. Upon entering into a custodial relationship with us, we will initiate a transfer of your investments to the account. After the Trust Department initiates management, you will continue to make all investment and withdrawal decisions. The Honesdale National Bank will have no discretion with regards to transactions.
For more information on the locally managed, sophisticated solutions offered by The Honesdale National Bank’s Trust Department visit hnbbank.bank or visit one of our convenient offices today.
ASKING FOR HELP: A LESSON IN TRUST
Perspectives Offered by Charles Curtin, JD, LLM, CTFA
VP, Trust Officer
Asking is not a weakness, it’s an opportunity.
I’ll admit—it’s really hard to ask for help. Like so many others, I often believe I can do everything on my own. Troubleshoot an iPhone? Sure. Bake a cake? No problem. Never mind that I have no technological or baking skills whatsoever. In truth, I’m often hopeless in these areas.
A perfect example of my ineptitude happened during my bachelor days, right after college. I lived in a tiny studio apartment—so small I could reach the refrigerator from my bed/couch/dining table. Convenient, right? My budget was tight, so cable TV was a luxury I couldn’t afford. My secondhand television picked up only two channels: NBC and PBS. I watched a lot of Antiques Roadshow back then. To this day, I can spot a fake Chinese porcelain vase from a mile away.
About a year into my rental bliss, my future brother-in-law came to visit. We got to talking about my limited TV options. Being a tech-savvy guy, he took one look at the back of the TV, fiddled with the inputs for about five seconds, and—voilà!—over 100 free channels appeared. I had been sitting on all that entertainment the whole time, simply because I didn’t know how to operate the television.
More importantly, I never asked for help.
That experience taught me a valuable lesson. Always ask. The more information you have and the sooner you have it can make all the difference. Admitting you are out of your comfort zone and gaining assistance will only provide opportunity to grow or make more informed decisions.
Time and resources – ask the professionals.
In my professional life, I see this lesson play out often with complex matters, such as trusts. According to a 2025 article in Trust & Will Magazine, over 60% of survey respondents said they plan to name a family member to manage their estate, including any trusts. While well-intentioned, these non-professional trustees often face steep challenges: investment oversight, tax filings, legal compliance, and beneficiary management.
At The Honesdale National Bank Trust Department, we can serve as an agent for individual trustees. This arrangement allows us to work alongside non-professional trustees with the specialized knowledge and experience needed to fulfill their fiduciary responsibilities.
Importantly, this agency relationship does not override the original intent of the trust. The named trustee retains in ultimate control, while we assist where needed. It’s a symbiotic relationship—one that helps ensure the trust is managed effectively, efficiently, and responsibly.
Some of the key services we can provide whilst serving as an agent for a trust include:
- Investment Management – Developing a fiduciary-compliant investment strategy and monitoring performance.
- Administration – Maintaining accurate records and documentation to ensure all transactions are properly accounted for.
- Legal Compliance – Ensuring the trust remains in compliance with all applicable laws and regulations.
- Tax Services – Preparing and filing all necessary tax documents.
Alternatively, the Bank can also be named as a corporate trustee for various types of trusts, As a corporate trustee, we provide comprehensive administration of the trust in accordance with its terms. Most importantly, And often of greatest value, we are legally bound to administer these responsibilities impartially and with full transparency.
Finances are complicated. Life is complicated. Death is complicated. It’s okay to ask for help – and the earlier the ask, the less stressful the burden. The Honesdale National Bank Trust Department has been proudly serving our community with trust services for more than 100 years and we’re here to help with yours too.
We encourage you to contact The Honesdale National Bank Trust Department to make the ask and learn more.
The Honesdale National Bank and its employees do not render legal, tax, or accounting advice. Accordingly, you and your attorneys and accountants are ultimately responsible for determining the legal, tax, and accounting consequences of any suggestions offered herein. Furthermore, all decisions regarding financial, tax, and estate planning will ultimately rest with you and your legal, tax, and accounting advisors. Any description pertaining to federal taxation contained herein is not intended or written to be used and cannot be used by you or any other person, for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Code. This disclosure is made in accordance with the rules of Treasury Department Circular 230 governing standards of practice before the Internal Revenue Service.
Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.