The wealth you’ve earned in your lifetime can help your family to continue on without you after your death. A properly-drafted and administered trust can help protect your assets. With legal guidance from an estate attorney in Arlington, you can both design and administer your family’s trust in a way that benefits them the most. This can include irrevocable, revocable, marital, charitable, generation-skipping transfer, or grantor retained annuity trusts.
Trust Administration Laws in Texas
The laws concerning trust administration are found in the Texas Trust Code, the court decisions interpreting said trust law and in the trust instrument. This code allows trustees to administer trusts according to the terms of the trust document and the provisions of the law codes in the state of Texas. A trustee is a fiduciary, who is responsible for carrying out the wishes of the person who appointed them as such. Some of their responsibilities include:
- Administering the trust in the interest of beneficiaries
- Keep beneficiaries informed of the trust and any updates regarding it
- Invest/manage trust assets as an investor (if applicable)
- Take action to collect claims due to the estate
Ultimately, a trust in the state of Texas isn’t a legal entity. It is simply a relationship where a trustee acts as an agent for beneficiaries, whether income or remainder. Beneficiaries may ask the trustee for an accounting of the estate at any time. It is their duty to allow you to look at the books and to keep copies readily available. As you can see the process of trust administration is difficult, making it increasingly important to hire a legal professional to represent you and to guide you.
If you or a loved one need help with trust administration from a professional Arlington estate lawyer, call 817-261-5000 today to learn what they can do for you and your family.