What is Trust Administration?
Clausell Law Firm, PLLC believes one of the most important parts of estate planning is the proper administration of trusts. You may have a very well written trust that is legally correct in all aspects. If that trust is not administered correctly, however, your beneficiaries will not receive what you intended. An experienced Texas estate planning lawyer can work with you towards ensuring that what you put forth in your trust is actually accomplished.
Anyone given the job of administering a trust is obligated to show loyalty to all of the trust beneficiaries. Those that benefit from the trusts have to be dealt with impartially. The trust should be administered in a way that produces income, if that is your intention. Even assets, such as vacant land, should be reviewed in order to see what the best use of them is. These are all obligations that the person responsible for the administration of the trust needs to fulfill.
Where Clausell Law Firm, PLLC Will Help
A trust is a private document and does not have to be filed with a probate court. The trust still needs to be properly managed to make certain your wishes are carried out. The person charged with that responsibility, the trustee, has certain responsibilities which can include:
- Those that benefit from the trust must be kept informed regarding the state of the trust and any actions that relate to them
- The assets need to be inventoried and invested
- Any debts relating to the trust need to be correctly paid on time
- Taxes relating to the trust must be filed and paid
- Any assets or income from the trust must be distributed as directed by the trust document
Frequently, the person who is assigned as the trustee does not have the time or expertise to properly deal with all matters relating to the trust. This is where Clausell Law Firm, PLLC would like to be of service to you. Financially sound accounting and correct record keeping systems can help to administer a trust. With proper management, a reduction in estate taxes may result. Our services include parents who simply want to ensure the assets they have are used as they intended, for the support and care of their children.