Serving Rockwall, Kaufman, Hunt, Collin, & Dallas Counties
Our Reliable Trusts Services in Texas
Creating an effective estate plan in Texas used to mean drafting a will. However, modern estate plan options can help to transfer property more easily. This results in the ability to transfer property at any time and provides protection against taxation, and helps to simplify the probate process.
Our reliable trust lawyer in Rockwall, Texas, can help you. Some of the trusts that we assist clients with include:
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- Revocable Trust
- Irrevocable Trust
- Living Trust
- Testamentary Trust
- Special Needs Trust
- Charitable Remainder Unitrust (CRT)
- Spendthrift Trust
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Trusts can certainly be the correct choice for many when considering options for estate planning. Improperly managed trusts can also create causes of actions against the trustee. A dedicated trust attorney can work with you to understand your estate planning goals.
At the Law Office of Jack Robinson, we can help you determine whether a trust is right for you.
What Is a Trust?
A trust is a way to transfer property to another party, which can be individuals, businesses, or charitable organizations.
Under the Texas Trust Code § 112.001, there are three ways to create a trust:
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- A property owner’s declaration that they hold the property as trustee for another.
- A property owner’s transfer of property to another person, with that person named as a trustee.
- A property owner’s transfer of property upon death to another as a trustee.
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In simpler terms, a person creates a trust by transferring property to another party to hold. A Texas trusts lawyer can help you understand the basics and advantages of creating a trust.
At The Law Office of Jack Robinson, we provide peace of mind and a clear plan for the future, ensuring your wishes are honored and your family is protected.
It’s not too late! Contact us today to secure your family’s future.
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Our Trusts Process
At the Law Office of Jack Robinson, we designed our trusts process in three easy steps:
STEP ONE:
Click here to call or schedule your free consultation.
STEP TWO:
We can sit down together, either by a call, Zoom, or in-person so I can get a thorough understanding of your unique situation.
STEP THREE:
I’ll provide you with options for your potential next steps and we can work together to come up with a personalized strategy to address your specific needs.
Schedule your consultation at the Law Office of Jack Robinson today!
Trust Frequently Asked Questions
If I am a beneficiary of a trust and am not happy with the trustee, what can I do?
Texas statutes and case law provide beneficiaries with certain rights and remedies. The first place to look is the trust document. The trust instrument may provide beneficiaries with specific remedies, such as a procedure allowing them to replace a trustee under certain circumstances. A lawyer familiar with trust law can assist with this process.
Do I have the right to know what the trustee is doing with the trust funds?
Yes. Trustees are fiduciaries and owe certain duties to the beneficiaries of the trust. If a person is a beneficiary of the trust, the trustee has a duty to provide certain information upon request, including the following:
- A statement of trust assets
- Receipts
- Expenditures
- Distributions to beneficiaries
What if the trustee will not provide the information I want?
The trustee’s failure to comply with a reasonable request for information may be a breach of their fiduciary duty to the beneficiary, which can be the basis for a lawsuit.
In addition, the Texas Trust Code gives beneficiaries the right to demand a formal accounting once a year. This accounting must report the following:
- All trust property administered by the trustee
- All receipts
- Disbursements and other transactions
- The name and location of the banks where the cash is deposited
- All known liabilities of the trust
The beneficiaries’ statutory right to an accounting can be enforced in court. The trust instrument itself may also require the trustee to account periodically or may give the beneficiaries the right to request more frequent accountings.
What should I do if I believe the trustee is mishandling the trust property?
A beneficiary should have an attorney review the trust to see if it contains provisions relating to the removal of a trustee. If the terms of the trust do not provide another means of addressing the problem, the beneficiary may be able to bring an action in court.
The judge has the power to remove a trustee if it can be shown that the trustee has committed the following:
- Violated or attempted to violate the terms of the trust
- Has become incompetent
- Should be removed for other causes
Other causes might include breaches of fiduciary duties such as self-dealing, failing to make required distributions, or stealing trust property.
What can I do if the trustee is poorly managing the trust property and its value has declined?
The fact that trust investments have declined in value is not, by itself, a breach of the trustee’s duty. The trust instrument may include an investment standard that the trustee is required to meet. If the trustee’s performance falls short of that standard, you may be able to do the following:
- Sue the trustee for damages
- Seek their removal
- Pursue another remedy
If the trust instrument contains no specific investment standard, the trustee has a duty to comply with the prudent investor rule, which requires consideration of many factors in deciding how to invest the trust assets. Under the prudent investor rule, the possible liability of the trustee is based on the performance of the entire portfolio, not just a single investment. If the trustee fails to meet the prudent investor rule standard, the beneficiaries of the trust may have a cause of action against the trustee for damages to the trust.