The wonderful thing about having a Trust is the avoidance of having to file for Probate within the Court system, as an estate planning or wills attorney Arlington TX trusts can attest. However, this does not deviate from the legal responsibilities of notifying all beneficiaries and communicating with them regarding assets.
Dealing with beneficiaries can be tricky and in order to maximize your fiduciary duty, our Firm strongly recommends retaining a law firm to assist you with these tasks. Beneficiaries have a right to be notified as to assets, sale of properties and a list of inventoried items. The more communication that you have with the beneficiaries the less likely you are to have a lawsuit filed against you for any misconduct.
Trust Administration can be lengthy on its own; however when you add beneficiaries into the situation it can become highly overwhelming. This is why we strongly urge you to seek counsel to assist in notifications, receipt of assets, inventory items and sale of the Estate assets.
A high assumption is that once the Decedent passes, the Estate can be distributed promptly and this is not the case. When you start to have inpatient heirs, or numerous beneficiaries the stress of complying with everyone’s needs can become overwhelming. This is usually where errors can occur and the stress of distributing assets before all proper documents are completed happens.
In turn, if you do not manage the Trust, or the Beneficiaries correctly, you could easily find yourself on the other end of a lawsuit defending your actions. This not only is a hassle but if you are found guilty of misconduct you could easily find yourself in jail for your actions. Mistakes can easily be made, however you have to remember that you are the Trustee and you have the ability to seek advice in administering the Trust correctly and efficiently.
Our Firm offers a free consultation to address any concerns with trust Administration. Please contact our office today to schedule yours. You have a fiduciary duty to the beneficiaries; but you have one to yourself also.
Thanks to our friends and contributors from Brandy Austin Law Firm PLLC for their insight into estate planning and beneficiaries.