Many Trusts are complicated documents that require assistance from a Texas Trust Lawyer to fully understand the intended purpose, restrictions, and operation of the trust. As such, many Trustees hire a Trust lawyer to help them fulfill their fiduciary duties as trustee including management of trust assets, dealing with trust beneficiaries, appointing a successor trustee, or determining if and how a trust should be terminated. For questions on Texas Trustee matters and Texas Trust matters, please feel free to send an e-mail message to Texas Trustee Lawyer and Texas Trust Lawyer Jason S. Coomer or use our contact form.
A Texas Trust Can Be Created For Several Different Reasons and to Achieve Numerous Different Purposes
The Texas Trust Act allows a person to create an expressed trust arrangement whereby their property (real or personal, tangible or intangible) is no longer directly held by them. This trust arrangement can be made for several reasons including estate planning, tax purposes, protection of a minor or incapacitated person, and protection of assets from future creditors, potential debts, or public disclosure of wealth. A trust instrument can be a simple document or hundreds of pages depending on the goal or goals of the settlor (person that creates the trust). Trusts can be revocable or irrevocable and can provide many different benefits, restrictions, or issues. Typically, the terms of a trust can be found in the actual trust document itself. However, if the trust document is silent as to the duties and powers of a trustee, the relations among trustees, or the rights and interests of a beneficiary, the Texas Trust Act and Texas law will determine these issues.
A trust arrangement arises when property is transferred by one party to be held by another party for the benefit of a third party, although it is also possible for a legal owner to create a trust of property without transferring it to anyone else, simply by declaring that the property will henceforth be held for the benefit of the beneficiary. A trust is created by a settlor, who transfers some or all of his property to a trustee, who holds the trust property for the benefit of the beneficiaries. In the case of the self-declared trust, the settlor and trustee are the same person. The trustee has legal title to the trust property, but the beneficiaries have equitable title to the trust property which creates a separation of control and ownership. The trustee owes a fiduciary duty to the beneficiaries, who are the beneficial owners of the trust property.
Many People that Sell and Create Trusts Do Not Full Understand the Trusts That They Are Selling or Placing Their Propert Into Thus Creating Unintended Consequences and Trust Litigation
With significant changes in estate planning laws and large corporations selling one size fits all estate planning trusts to families throughout the United States has come an environment where many people do not understand many of the terms, restrictions, and issues in the trusts that have been created to manage their family's trust property. In many instances, these trusts were created several decades ago by people living in multiple states with intended purposes that no longer exist.
Texas Trustees Often Need Assistance Fulfilling Their Trust Fiduciary Duties To Manage Trust Assets and Deal With Trust Beneficiaries
As a Trustee or Trust Beneficiary, it is important to review the trust thoroughly as well as can be extremely beneficial to have a Texas trust lawyer also review the trust to discuss the trust's intended purposes, obligations, restrictions, and benefits. In most trusts, the trustee is able to hire a trust attorney with trust assets to review and protect the trust.
Austin Texas Trustee Lawyer Jason S. Coomer Works with Texas Trustees and Texas Trust Beneficiaries on Trust and Trustee Matters
Austin Texas Trust Lawyer and Austin Texas Trustee Lawyer, Jason S. Coomer commonly works with trustees and trust beneficiaries on trust matters. He will often provide advice to trustees and trust beneficiaries regarding the terms of trusts, removing a trustee, appointing a successor trustee, modifying a trust, advising trustees regarding the fiduciary duty of trustees, and providing advice to trust beneficiaries regarding the ability of beneficiaries to obtain trust accounting information and distributions.
Austin Texas Trust Lawyer, Austin Texas Trustee Lawyer, Texas Successor Trustee Lawyer, Austin Texas Trustee Removal Lawyer, and Texas Trust Litigation Lawyer
For questions on Texas Trustee matters and Trust matters, please feel free to send an e-mail message to Texas Trustee Lawyer and Texas Trust Lawyer Jason S. Coomer or use our contact form.