Estate Settlement and Guardianship Services
Estate Settlement Services
Northern Trust’s estate administration professionals work with you and your advisors to guide you through the complicated process of wealth transfer including:
- Asset identification, collection, valuation and management
- Probate estate and trust administration
- Tax and legal strategies development to minimize all types of taxes — estate, generation skipping and income
- Tax preparation or review
- Preparation of all required inventories and accountings
- Distribution of assets in accordance with the estate plan
We can also assist by serving as executor, trustee or agent — providing as much support as you desire.
Guardianship Services
Court-ordered guardianships protect the estates of those who are unable to handle their own financial responsibilities, typically children or disabled adults. A financial guardian is responsible for managing all assets in a prudent manner.
We will listen to your concerns and advocate for your loved one’s needs with professionalism and expertise.
In the role of guardian, you can rely on our professionals to:
- Pay all bills and ongoing expenses
- Determine overall cash flow requirements and living expenses
- Establish a monthly budget
- Coordinate medical insurance filings and expenditures for medical equipment
- Prepare state and federal income tax returns
- Invest and manage all assets, including real estate
We take pride in protecting the financial security of our clients until they reach legal age or, in the case of special needs children and disabled adults, for the rest of their lives.
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R. Hugh Magill |
R. Hugh Magill
R. Hugh Magill is an Executive Vice President of Northern Trust Corporation, Chicago, where he serves as Chief Fiduciary Officer and Global Director of Trust Services. In this capacity he is responsible for Northern’s fiduciary services to clients nationally and internationally.
Prior to joining Northern Trust in September, 1989, Hugh practiced law privately in Chicago, and worked in the Trust Department at The First National Bank of Chicago where he served as Assistant to the Chief Investment Officer. Magill received a B.A. degree, cum laude, from St. Olaf College in Northfield, Minnesota, and a J.D. degree from the University of Minnesota Law School, where he was named a distinguished alumnus in 2005.
Hugh is a member of the Chicago, Illinois and American Bar Associations, the Chicago Estate Planning Council, and the Christian Legal Society. He is licensed to practice law in Illinois and Minnesota and admitted to practice before the United States Tax Court. He is a faculty member of the American Banker’s Association National Trust School and has lectured for the American College of Trust and Estate Counsel, The Heckerling Institute, The Notre Dame Institute, the Northwestern University Center for Family Enterprise, regional bar associations and estate planning councils, and Northern Trust on estate and charitable planning, trust management, family governance, and fiduciary risk management.
He is a trustee of the Covenant Board of Pensions and Benefits, and he serves on the Boards of the Block Museum of Art, Ministry Mentors, The Chicago Sunday Evening Club, several foundations, and serves as a member of the Dean's Cabinet for the Generations Capital Campaign for the University of Minnesota Law School. He serves on the Editorial Board of Trusts & Estates magazine, the executive council of the Trust Management Association, and has authored articles for Trust & Estates, Trust & Investments, and Wealth magazines.