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One of the most critical estate planning decisions an individual or family may make is to establish a Trust. When a Trust is established, it shifts the ownership of assets in ways that make management and transition easier after the person(s) involved in the Trust passes away. The initial formation of the trust is just the first step in what will be a long-term phase of administering and managing the trust.
Many Texas estate planners use trusts to prevent probate, reduce estate taxes, and prepare for incapacity. However, after the settlor’s death, a trust must go through a lengthy trust administration process to carry out its terms. Our Texas Trust Administration Lawyers have been assisting families and trustees in carrying out their fiduciary responsibilities in a manner that ensures everything is handled properly and with the least amount of stress possible.
Responsibility of Trustee In Texas
A trustee is in charge of controlling a trust’s assets for the protection of its beneficiaries. A trustee is put in a position of confidence with the beneficiaries as a fiduciary. This implies that a trustee must (1) always be in the best interests of the beneficiaries and (2) protect the trust assets’ value. If a trustee fails to do so, he or she may be subject to legal fines and penalties.
Our services include establishing a variety of revocable and irrevocable trusts as well as assisting clients with trust administration. If you’re thinking about creating a trust-based estate plan, we will draft the trust document and discuss your options for appointing a trustee with you. While many estate planners choose family members as trustees, the person you choose must be capable and dependable in the end.
We will work with you to help you avoid costly pitfalls that can result in substantial financial penalties if you have been appointed as a trustee of a loved one’s trust. Finally, we periodically inform beneficiaries of their trust rights and ensure that they receive assets to which they are legally entitled.
Our Texas trust administration attorneys are known for upholding the highest ethical standards and offering knowledgeable representation to our clients when they need it most.
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