If you require assistance drafting a trust, please read on, then contact an experienced McAllen, Texas estate planning lawyer to learn what you should know about trustees in the state of Texas.
Who are trustees in Texas?
When you create a trust you must name someone to serve as the trustee. The trustee is responsible for administering the trust for the benefit of the beneficiaries according to the terms of the trust agreement, acting as a custodian for the assets held within a trust. He or she is responsible for managing and administering the finances of a trust per the instructions given. Often, the person who creates the trust is the trustee until they can no longer fill the role due to incapacitation or death.
What do trustees do in Texas?
In the state of Texas, trustees have the following powers:
- Buying and selling of assets
- Determining distributions to the beneficiaries under the trust instrument
- Hiring and firing advisors
- Making income distributions
- Administering the trust
- Defending the Trust
On the same token, Texas trustees face a range of civil and criminal penalties for fraud and mismanagement.
Do you need a Texas trusts attorney to help you?
Legally speaking, no, you do not need a Texas trusts attorney to help you draft a trust. However, a skilled Texas trusts lawyer can make trusts a component of your will or a separate legal entity. At times it may be advantageous to use trusts to avoid the probate process or to minimize estate and income taxes. A trust lawyer can help you decide what’s in your best interest. Life’s difficult enough; let us handle this stressful process.
Contact Our Hidalgo County, Texas Firm
With collective decades of experience, the experienced attorneys at the Law Office of Angel Davila are committed to helping protect you from the penalties associated with a criminal conviction by defending you against charges of everything from DWI to Murder, and everything in between. We also help people through various family law and estate planning matters. Our firm proudly serves clients in Hidalgo County and throughout the state of Texas. For quality legal defense when you need it most, contact the Law Office of Angel Davila today.