Fort Worth Trust Administration Lawyer

Fort Worth Trust Administration Attorney Serving Tarrant County

Of the different tools that may be used during the estate planning process, trusts can provide significant benefits. These instruments will allow a person to protect their assets, provide for their own needs during their lifetime, and distribute assets to beneficiaries either before or after their death. Using trusts will allow assets to be passed to heirs without the need to go through probate, and this can help avoid complications and expenses when administering a person's estate. However, there are a variety of issues that will need to be addressed when managing a trust, and trustees can make sure they meet their requirements by working with an attorney who is experienced in trust administration.

The lawyers of Gonzalez Law, PLLC understand the legal issues that can affect the administration of trusts, and we work to ensure that trustees take the correct actions and protect themselves against claims that they have failed to meet their legal requirements. We can also provide representation for beneficiaries who are concerned about the management of a trust or the distribution of assets, and we will work to ensure that a person's wishes will be carried out correctly.

Legal Issues Affecting Trust Administration

A trustee will have a number of legal responsibilities, including proper management of the assets in a trust. To avoid potential disputes, a trustee will need to maintain records showing that they have prudently managed the trust's assets for the benefit of the beneficiaries. These records may include detailed inventories of assets held in a trust and an accounting of the investments that have been made, the taxes that have been paid, and other issues that may affect the value of the trust's assets.

Following the death of the person who created the trust (known as the "grantor"), a trustee or successor trustee will need to take a number of actions, and these may include filing a final income tax return, notifying beneficiaries, paying certain types of expenses, and collecting the proceeds of life insurance policies. A trustee may need to perform appraisals to determine the value of assets held in a trust, and some assets may need to be sold to pay debts or other expenses. The trustee will also need to follow all instructions regarding the distribution of assets to beneficiaries.

If a trust's beneficiaries are concerned about whether a trustee has not met their responsibilities, they may be able to take legal action to address these issues. In some cases, beneficiaries may believe that a trustee has failed to prudently manage a trust's assets, or they may worry that a trustee has improperly used a trust's assets to benefit themselves rather than the beneficiaries. In these cases, beneficiaries may seek to hold the trustee liable for the decrease in value of the trust's assets. Beneficiaries may also need to address situations where a trustee failed to properly distribute assets, and they may take legal action to require a trustee to carry out the grantor's instructions.

Contact Our Plano Trust Administration Attorney

If you have been tasked with administering and managing a trust created by a loved one, you will need to make sure you meet all of your legal requirements and avoid any actions that could lead to liability. At Gonzalez Law, PLLC, we can help you understand your duties as a trustee, and we will advise you on the best steps you can take to avoid disputes with beneficiaries or other legal issues. We can also provide representation for beneficiaries to ensure that they receive the assets a loved one has left for them. Contact us by calling 817-349-7330 and setting up a free consultation today. We provide legal help to trustees and beneficiaries in Haltom City, Forest Hill, Richland Hills, Fort Worth, Plano, Saginaw, White Settlement, Arlington, Dallas, and Tarrant County.