Trusts & Trust Administration
Is A Will Just As Good As A Trust?
If your plan for when you die is only stated in your will, then you have given your family a ticket to probate. The family will need to hire a lawyer to navigate the probate court, prove up the will, obtain letters testamentary, send notice to all potential creditors, pay any creditors, and then, finally, distribute your estate pursuant to the instructions in your will.
How Can A Trust Avoid Probate?
Only a properly drafted trust that is properly funded removes the necessity of probating a will. It is a good idea to do an annual review to make sure that your trust includes all of the property that you intended it to include. If all of your assets are included in one or more trusts, then your family will not need to go to court to probate your will. The will becomes superfluous.
What Happens To A Trust Upon The Death Of Its Maker?
First, it depends on whether there are one or two settlors (makers or grantors) of the trust. In many cases, the trust continues to operate as it did before the first settlor dies. However, in some cases, the death of a settlor triggers the creation of a secondary trust that holds the property with asset protection for the beneficiary.
What Is Involved In A Trust Administration And How Does It Compare With A Probate?
The administration of a trust is typically done without any court involvement. The instructions are set forth in the terms of the trust for the trustee to follow. In probate, the instructions are provided by statute and by the court interpreting those statutes.
How Long Does The Initial Trust Administration Take?
Each trust has specific provisions that state how long it will last, how property will be distributed, and may also have provisions unique to certain beneficiaries. The administration of the trust is ongoing until the trust terminates under the terms of the trust.
Can Someone Realistically Handle A Trust Administration Without An Attorney?
A trust administration can be accomplished without an attorney. If the trustee has any questions, our trustee powers allow a trustee to use trust funds to consult with an attorney, if necessary. It would be unusual that a trust would require constant attorney supervision. We try to design our trusts so that they can be administered by the people designated by the settlors as the successor trustees.
What Sets You Apart In Handling Trust Matters Once Someone Is Deceased?
We can look at trusts and recognize what they are trying to accomplish. We want to help the trustee do his or her job. We don’t want to take over that job, but we can be hired to consult with the trustee. We want to help the trustee abide by the settlor’s instructions. If a trustee is not comfortable with being a trustee on that trust, we can offer advice on how to appoint a new trustee to take their place. Sometimes this can be another member of the family, an attorney, a certified public accountant, or a corporate entity that acts as a paid trustee.
For more information on Wills vs. Trusts in Texas, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (512) 522-0906 today.
HOW CAN WE HELP?
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We believe each family is unique and that your family dynamics and personal circumstances should be carefully considered when designing your plan.
Our goal is to understand your concerns, your goals, and your family’s needs. Our caring and compassionate approach to these important matters will allow you to comfortably explore your options and make informed decisions.
To provide quality and personalized estate plans which provide families the levels of protection which meet their individual needs. We consistently strive to maintain a highest levels of customer service by remaining attentive to your needs.
We are committed to putting our clients first. Our law firm realizes that clients are entrusting us with matters that are most important to them.
Let us help your family. Please feel free to contact us for a free consultation.
Willi Law Firm, P.C.
9600 Escarpment Blvd.
Ste. 745, PMB 34
Austin, TX 78749-1983
Main: (512) 522-0906
Facsimile: (512) 288-3202
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The attorneys at Willi Law Firm are your Austin, Texas resource for estate planning, wills, living trusts, firearms trusts, powers of attorney, living wills, probate and estate administration, trust administration, special needs trusts, disability planning, Medicaid applications and qualification, long-term care planning, elder law, Medicaid crisis planning, charitable planning, estate tax planning, business and corporate planning, business succession and sales, and asset protection.
Willi Law Firm proudly serves Central Texas individuals and families in the following counties: Bastrop, Blanco, Burnet, Caldwell, Hays, Lampasas, Lee, Travis, and Williamson, and in the following communities: Austin, Bastrop, Brushy Creek, Buda, Burnet, Cedar Park, Driftwood, Dripping Springs, Elgin, Georgetown, Hutto, Jollyville, Kyle, Lakeway, Lago Vista, Lampasas, Leander, Lockhart, Luling, Manchaca, Manor, Marble Falls, Oak Hill, Pfugerville, Rollingwood, Round Rock, San Marcos, Shady Hollow, Spicewood, Taylor, Wells Branch, Westlake, Windemere, and Wimberley.