Are you the chosen trustee of an estate?
It’s no simple task. Our sincerest condolences if you are handling this during a time of grievance.
We understand this is a challenging time, and we are here to help make this process as easy on your as possible.
Our compassionate team will help you through the trust process process. Let’s get started with locating all assets, handling any creditors, and working to ensure the trust is administered EXACTLY as once planned.
If your loved one created a trust before their passing, we can begin the trust administration process immediately and keep it outside of probate court.
Our clients usually come to us after the recent loss of a loved one. Beneficiaries or family members are left to shoulder the burden of public court and trusted advisors looking to inventory assets and ensure debts are paid.
All with one common goal. Executing the deceased’s estate plan respectfully and responsibly.
In every trust, there is at least one person titled a “trustee”. The trustee is tasked with executing or administering the trust upon their loved one’s death. They must do so respectfully and within the law.
It is a TON of responsibility and liability to take on the role of trustee. Most of the time we see a trustee who has never conducted a trust administration or who has zero experience handling legal matters of any sort.
That’s completely normal. Understand that the best course of action will be to hire an attorney to guide you through the trust administration process. An experienced attorney can give you peace of mind, knowing the trust will be administered to their loved one’s expectations. They will help reduce or eliminate any personal liabilities a trustee may face.
Our team will get started by identifying the beneficiary designations of any assets owned by the deceased and which assets will have to enter the probate court. If there are any high-value assets, we will coordinate appraisals to ensure we’ve calculated the estate’s real value.
A trustee has a long list of responsibilities, with or without the help of an attorney:
When the assets have been appropriately valued and account for, the trustee can begin the distribution of assets to any named beneficiaries in the trust or continue handling the trust for the future benefit of a beneficiary.
It’s not uncommon for a parent to hold high-value assets in a trust until their children are of appropriate age. Legally children are not entitled to their inheritance until 18; some may choose to hold funds for even longer until a certain milestone or achievement has been met.
If the trust states that the assets be distributed outright, the trustee must communicate with beneficiaries and prepare the proper transfer documents. This isn’t always an easy process.
Once the assets are transferred, the trustee should ensure they have fully completed their duties and can no longer be held accountable for any mistakes during the administration. An attorney will help finish up your job as a trustee and close up any loose ends so that you can be done with your trust administration.
If you’ve been trusted with the role of trustee, we want to help you do it right. Honor the last wishes of your loved one and carry their estate plan, according to plan and within the law.
You shouldn’t feel as though it’s a significant risk or liability you are taking on by performing your duties.
Stafford Law Firm is here to help with your trust administration. Let’s work to make this trust process as easy and efficient as possible.
We’ll even be here to help you connect with your beneficiaries professionally and productively.
Without proper/positive communication with your beneficiaries, you may find yourself facing unnecessary legal litigations.
The minor child must reach the age of 18 to inherit any assets in a trust. An inheritance can be held beyond that if specified in the original trust.
First, you will have to assess and appraise all of your assets so that you can choose an adequate type of trust for your estate planning. You will need to name a trustee, draft documents, and have them signed adequately with witnesses and a notary present.
The state of Texas requires that the trustee must have the capacity to handle any property being distributed in the trust. Some may appoint a trust company or attorney along with a co-trustee like a friend or a son to facilitate the respectful administration of the trust.
Will was extremely helpful and his communication was excellent. His timeliness and professionalism made us look excellent and well prepared in front of our customer.
Stafford Law Firm has helped me with several items over the years. Prompt and efficient. Can handle a wide variety of matters, both commercial and personal.
I couldn't more highly recommend Will Stafford, after working with him on my estate planning. Will took the time to genuinely understand my personal goals and values, and helped design a plan that was a perfect fit for me, rather than just using a cut-and-paste template.
Will Stafford is an incredibly bright and knowledgeable attorney who I have worked with for many years. He has an encyclopedic knowledge of the estate and wealth planning strategies relevant to professionals with families.