Providing Creative Solutions and Meticulous Preparation in all Areas of Law
As estate planning tools, trusts can serve a number of different purposes. Along with providing flexibility to structure charitable gifts and inheritances, chief among these purposes is avoiding the probate process. Instead of probate, trust assets are distributed through a process known as trust administration.
At Nordhaus & Nordhaus, PC, our estate planning lawyers have extensive experience representing clients during both probate and trust administration in Allen, Texas. If you have been named as a trustee or beneficiary in a trust, we can help you understand the terms of the trust and what they mean for your obligations or legal rights. Although trust administration is generally less expensive and more straightforward than probate, it is still a legal process that must be carefully followed and understood in order to avoid creating conflicts or running into issues down the line.
Representation for Trustees
While trusts do not need to be filed in court, trustees nonetheless have a number of important obligations. Since trustees can be held liable if they mismanage trust assets or otherwise fail to satisfy their responsibilities, as a trustee, it is essential to make sure you have a clear understanding of what you need to do. At Nordhaus & Nordhaus, PC, we assist trustees in all aspects of trust administration, including:
- Creating inventories and preparing accountings of trust assets
- Paying the expenses of trust administration
- Distributing trust assets to beneficiaries
- Satisfying trustees’ fiduciary duties
Representation for Beneficiaries
If you have been named as a beneficiary in a trust, we can help make sure you receive the assets to which you are legally entitled. In some cases, trusts can be decades old, and with certain types of trusts (such as revocable trusts), assets can flow in and out for years before the settlor’s death. These and other circumstances can often make it difficult to understand the settlor’s intent, and in many cases, it takes the knowledge and insight of an experienced estate planning attorney to accurately identify trust assets and clarify beneficiaries’ rights.
If you are concerned that a trustee may be misappropriating trust assets or mismanaging the trust administration process, we can assist you in seeking to enforce the trustee’s fiduciary responsibilities as well. These can often be sensitive matters, particularly when the trustee is a family member. We can approach the situation delicately, if necessary, and we can use various tools and techniques to seek to resolve any disputes as amicably as possible.
Speak With an Allen Estate Planning Lawyer at Nordhaus & Nordhaus, PC About Trust Administration in Texas
We provide experienced legal representation for trustees and beneficiaries in all matters related to trust administration in Allen, Texas. If you have questions about the trust administration process or need legal representation with respect to administering a trust, our estate planning attorneys are here to help. To get started with a free initial consultation, please call our offices at (214) 726-1450 or submit a request online today.
Disclaimer: While our primary office is located in McKinney, Texas, Nordhaus & Nordhaus provides legal representation to residents in the Allen, Frisco, Prosper, and entire Collin County area.