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Executors And Trustees
WHAT ARE TRUSTS?
A trust is a legal relationship that is created by an individual, or a “grantor,” for others, who are named as beneficiaries. Trusts are normally managed by a third party, named as a “trustee,” under terms that are specifically defined in a will. A trustee can be named personally by the grantor or may be appointed by a probate court.
ROLE OF A TRUSTEE
In the state of Texas, a trustee is a person who is designated in the trust agreement to take possession of the trust assets and manage the assets. The trustee must also preserve and manage the assets according to the provisions outlined in the trust agreement.
Trustees can be responsible for a number of different types of trusts, such as:
- Testamentary trust
- Living trust
- Revocable trust
- Irrevocable trust
- Crummey trust
- Special needs trust
ROLE OF AN EXECUTOR
In the state of Texas, an executor has specifically defined responsibilities to fulfill in the course of administering the property and estate of a friend or family member. Before accepting the role of executor, you should fully understand the responsibilities. If you fail to fulfill the obligations of an executor, you may be held liable for breach of fiduciary duty by the heirs of the estate. Seeking professional advice from a Houston probate lawyer regarding your responsibilities will be crucial before taking on the role of an executor.
When you have been chosen to fill a position of great trust and confidence, you will have many responsibilities as defined in the Texas Estates Code, including:
- Gathering the assets of the person who has passed
- Paying the deceased’s debts
- Distributing the remaining assets to the individuals who have been named as beneficiaries in the will
PROBATE & ESTATE ADMINISTRATION ATTORNEY IN HOUSTON, TEXAS
If you have been named a trustee or executor of your loved one’s estate, you need to seek legal assistance from a qualified attorney. The probate process can be much smoother and easier when you have a complete understanding of your rights, responsibilities, and duties. Because this area of law can be incredibly complex and entails complicated financial issues, you should not move forward without first retaining my firm.
If you wish to learn more about trustees or executors in Texas, I would be happy to address your concerns. Contact Malley Law Firm, PLLC today to speak directly to me, Attorney Tony Malley! I can provide personal and attentive service, ensuring that you make informed choices and fulfill your duties successfully.