Estate Planning

Trust Administration Attorney in Kyle & Austin, TX

Being named as a trustee can feel like an honor until the time comes to actually administer the trust. Suddenly, you may be responsible for identifying assets, understanding trust instructions, communicating with beneficiaries, handling property, paying expenses, maintaining records, and eventually distributing assets.

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Artie Pennington Law Offices helps trustees and families in Kyle, Austin, and Central Texas navigate the trust administration process.

The Basics

What Is Trust Administration?

Trust administration is the process of managing and distributing assets according to the terms of a trust. When the person who created a trust dies or another triggering event occurs, a successor trustee may become responsible for carrying out its instructions.

Unlike probate, trust administration frequently occurs outside the traditional court-supervised probate process. That does not mean trustees are free from legal responsibilities.

Trustee Responsibilities

What Does a Successor Trustee Have to Do?

Depending on the trust and circumstances, responsibilities may include:

Reviewing the trust agreement Identifying & securing trust property Determining ownership of assets Maintaining financial records Communicating with beneficiaries Addressing debts & expenses Managing investments or property Coordinating tax matters Making permitted distributions Closing or continuing the trust

What Is a Trustee's Fiduciary Duty?

A trustee is a fiduciary. That relationship carries significant responsibilities regarding the administration of trust property and treatment of beneficiaries.

Poor documentation, improper distributions, conflicts of interest, or failure to follow the trust can potentially create disputes. Getting legal guidance early can help trustees understand what the trust requires before important decisions are made.

Comparison

Trust Administration vs. Probate

Probate generally concerns administration of a deceased person's probate estate. Trust administration concerns property governed by a trust. Some families may need both.

For example, a person may have established a trust but still own assets individually at death. Determining which assets belong to the trust and which belong to the probate estate can therefore be an important early step.

Common Questions

Frequently Asked Questions

Do I need an attorney to administer a trust in Texas?

Not every situation is identical, but legal guidance can be particularly useful when the trust owns substantial assets, beneficiaries disagree, property ownership is unclear, or the trustee is uncertain about fiduciary responsibilities.

Can a trustee also be a beneficiary?

A trustee may also be a beneficiary in some trusts, but the trustee must still follow the trust and applicable fiduciary responsibilities.

How long does trust administration take?

The timeline depends on the trust, assets, debts, taxes, beneficiaries, and whether disputes or complicated property issues exist.

What if beneficiaries disagree with the trustee?

Disputes should be addressed carefully. Trustees should maintain documentation and obtain legal advice when questions arise concerning their duties.

Guidance for Texas Trustees

You do not have to figure out every responsibility alone. Artie Pennington Law Offices helps successor trustees understand the trust, their responsibilities, and the steps required to move administration forward.

Contact the Firm

512-596-0534

Artie Pennington Law Offices