Tuesday, August 09, 2011 Trust Attorney in Houston Offers Practical Considerations When Choosing an Administrator
Trust administration in Texas is more complicated than many people realize. So, when deciding whom to name as your administrator, you may want to explore other options besides a close family member or your best friend.
In my experience as a Houston trust attorney, I’ve actually found that the best place to start is by going through the general qualifications that a trust administrator should possess. From there, you can think through your list of family and friends and choose someone whose personality and financial savvy make them the right fit for the job.
One of the most important qualifications to start with is trustworthiness. This is an essential requirement, considering your administrator will be privy to all your financial information and will manage your estate upon your passing.
You should feel confident knowing that your administrator will distribute your assets and manage your affairs as you’ve indicated, rather than use the proceeds of your estate as if it were their own personal bank account. Thankfully, there are a number of laws intended to keep this type of financial abuse in check, but it still does happen and it’s hard to recover the proceeds of someone’s estate once they are gone.
Fair-mindedness is another trait a trust administrator should possess. Throughout the administration process, you’ll want your beneficiaries to be treated fairly and equally. You don’t want to run into a situation where someone you’ve appointed shows favoritism towards certain family members and distributes your assets accordingly.
Another characteristic of a good trust administrator is loyalty-- to the trust and to the heirs. In a way, he or she is the keeper of the final wishes, and part of their job is ensuring that these wishes are carried out as set forth in the will or trust.
Finally, you’ll want to choose an administrator who is strong-minded and cool under pressure. Following the death of a loved one, emotions can run high among the heirs. A favorite gravy boat can take on epic proportions when everyone thinks it should go to them.
Sometimes greedy beneficiaries believe their share is short. Other times, heirs think they should be getting their money immediately, either not realizing (or caring) that debts, liens, and other considerations have to be satisfied before any funds can be distributed. Tensions can run high and your administrator should be prepared to keep such squabbles in check should fights break out regarding the terms of the trust.
While choosing a trust administrator is no doubt a tough decision to make, we are here to help guide you through the process. Please do not hesitate to reach out to us as a resource if you need assistance setting up a trust and ultimately choosing an administrator to manage your estate upon passing. Simply call our Houston estate planning office at (281) 218-0880 to set up a complimentary Lifetime Legacy Planning Session. Monday, August 01, 2011 Probate Attorney in Harris County Answers, “How do I obtain a death certificate?”
If you have lost a loved one and are now attempting to close out their estate, we are sorry for your loss and we understand how frustrating the process can be.
The steps to take after the loss a loved one can be overwhelming, but requesting a death certificate is a great place to get started. You will need a death certificate to complete many of the administrative tasks that you will face in the weeks to come, so it only makes sense to order a copy of this as soon as possible.
While the exact process to order a death certificate can vary from county to county, there are basic guidelines that you can follow to make the request for a death certificate as quick and easy as possible.
Let’s take a look at these guidelines:
- I typically recommend ordering 8-10 copies of your loved one’s death certificate. As mentioned above you will need them for many tasks over the next few weeks, so it’s best to have them on hand. The easiest way is to order them through the funeral home, as there is generally a lag time when you order straight from the county recorder’s office.
- Make sure to have the following information readily available when filling out the request:
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Full name of the deceased
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The date of death
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The place of death
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The deceased’s date of birth
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The purpose of your request
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Your driver’s license number
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Provide a self-addressed stamped envelope along with your request
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Typing or printing the information is helpful
If you are still not sure how to properly obtain a death certificate for your loved one, or you need to know whether or not you should obtain one based on your responsibilities, contact ourHarris County probate lawyers at the Hegwood and Associates by calling (281) 218-0880 to schedule a free consultation. Not only will we provide you with information onhow to obtain a death certificate in Harris County, but we can also help you navigate the complicated world of probate after a loved one’s death. Call today! Wednesday, July 06, 2011 The Role of a Trust Administrator in Harris County
By: Kim Hegwood, Trust Attorney in Harris County
As a lawyer with extensive trust administration experience in Harris County, I have seen that the death of a loved one, particularly if the deceased is a spouse or parent, is one of the most difficult periods in a person’s life.
At a time when the survivor is already struggling with loss and grief, the administration of the deceased’s trust can be an overwhelming and daunting task. That is why many beneficiary/trustees choose to “leave things the way they are” and ultimately take no action regarding the administration of their loved one’s estate. This is especially true if the trustee is the same person as the beneficiary.
Again, sheer overwhelm is one reason for this, but beneficiaries/trustees also hesitate to administer their loved one’s estate out of fear they will encounter expensive legal costs, endless probate, or tax situations they may not be equipped to handle. Whatever the reason, people have been known to delay for months, or even years. Unfortunately, most of these beneficiary/trustees are unaware of the legal and fiduciary responsibilities of their position.
As a trust lawyer in Harris County, part of my job is making sure my client is thoroughly informed about what to realistically expect from the trust. Most clients appreciate that assets held in trust are much easier to administer and distribute after death than through the probate process, but they also need to know that the successor trustee is required by law to do many things before the distribution of assets can occur.
As the requirements and obligations for trust administration can vary from state to state, it is important to be conscious of the role and the responsibilities for the beneficiary/trustee in Harris County. Duties include, but are not limited to the following:
· Notifying beneficiaries
· Valuation and Liquidation of Assets
· Paying Debts and Taxes of the Trust
· Filing Tax Returns
· Distribution of Remainder of the Assets to Beneficiaries
Additionally, it is compulsory for the trustee to follow the accounting and reporting requirements of the state and courts, and to be responsible for defending the trust against all claims of creditors or excluded heirs. Although the trustee may be unacquainted with all of these duties, an experienced trust lawyer knows exactly what is involved and can prepare forms and guide the administrator through the process.
That’s why for many people, having a lawyer who handles trust administration on their side makes this difficult time go more smoothly and eases the administrative burden of having to close out a loved one’s estate. If you are now in this position and would like further information about how our firm can help you, please feel free to give our office a call at (281) 218-0880 and ask to schedule a complimentary consultation. |