Trusts
Professional And Experienced Attorney
Houston Trusts Attorney
If the decedent had a will, then probate is required.
If there’s an attorney-advised trust with them in it instead of regular administration through Court proceedings which can take months and cost you money (lots), we’ll handle all that for you!
Houston trust attorney, Christy K. Brown, JD, PCC, works with her clients to set up trusts on their behalf. These trusts can help your family to avoid going through a long and costly probate process and help you to lower the costs of estate taxes when your property is transferred.
Attorney Brown will provide legal guidance to whomever you name your trustee, the person who
is in charge of managing the trust. Setting up a trust also grants you the ability to dictate when your beneficiaries receive their inheritance.
Estate planning that includes an attorney-advised trust will help you to minimize the amount of time and money your family will have to spend in order to gain access to your assets. Our law firm works with clients to help them come up with a strategy for passing down their estate in the simplest way possible.
This planning helps your loved ones avoid complex court proceedings. Set up an appointment with our Houston trust attorney to learn more about how you can protect your loved ones from unnecessary legal proceedings when you pass away.
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What is Trust Administration?
The death of a loved one can be an emotional time for families. Trusts are used to help protect assets and provide peace-of mind, but what happens after the person who created it passes away? To answer this question we must first understand how trusts work.
- Trusts don’t need any further attention and can be left alone after someone has passed on – this might not always happen as expected because issues with the trust itself may surface or the administration of the trust could result in court action if left unattended for long periods of time;
- Many people think an attorney will only get involved when something goes wrong (i e , missed deadlines), but you should discuss your options before hiring an attorney so he/she knows exactly what his role entails from start to finish.
One of the most frequent misunderstandings happens when there is a joint trust between husband and wife. The law calls for them to be split into sub-trusts (most commonly survivor’s or bypass), which can help with estate tax savings; asset protection for surviving spouse if they’re left alive after their partner dies intestate according divorce laws.
There are many other things that can happen in a trust administration.
Some of these things could include:
- Notifying trust beneficiaries and heirs at law of the death of the Grantor
- Obtaining an IRS Tax ID Number(s) for the trust and/or sub-trusts
- Filing a final income tax return for the decedent
- Filing a death tax return
- Filing a trust income tax return annually for as long as the trust is held open
- Publishing a legal notice in a local newspaper regarding the death of the Grantor of the trust
- Marshalling all of the assets together and protecting the trust assets
- Depositing the decedent’s Will with the County Clerk of the Court
- Opening a bank account for the trust
- Paying financial and last expenses of the decedent
- Collecting life insurance policy proceeds
- Determining if a formal probate needs to be opened with the court for any assets not titled in the trust
- Notifying all banks and financial institutions of the death and that they are the nominated Successor Trustee
- Notifying the V.A. (if applicable) and Department of Health Services of the death
- Determining Beneficiary status of all the decedent’s retirement accounts. For most 401Ks and IRAs, a stretch out is available for the beneficiary if the proper steps are taken
- Obtaining valuations on all property as of the date of death of the decedent including real estate and business interests
- Determining if an estate tax is due at the federal or state level on the decedent’s Estate
- Paying off all of the debts of the Grantor of the trust from the assets of the trust
- Paying ongoing expenses of trust administration such as legal and CPA expenses, etc.
- Liquidating assets where necessary to pay off the debts of the Grantor
- Investing assets of the trust in a safe and prudent manner during trust administration
- Distributing the trust assets to the beneficiaries after all of the above has been completed.
There are a variety of tasks that need to be analyzed and dealt with in an estate. The list above is not exhaustive!
The best way to avoid costly and stressful liability claims from your beneficiaries is by hiring an experienced trust attorney in the administration of any new or existing trusts. This will help shield you against expensive legal issues that could arise.
It takes about two weeks to receive the death certificates, but don’t wait until it’s too late! Call our office three weeks out to make sure there are no issues with getting one quickly.
Meanwhile, there are some steps you should take before your first appointment:
- If the residence is empty, consider changing the locks if there might have been caregivers or family members with a key.
- Contact the insurance company to be sure the homeowner’s insurance policy is in place.
- If there is an alarm company, contact them to register your name and contact information.
Contact all of the decedent’s financial accounts to freeze the accounts until after you meet with the attorney.
We have a complete checklist of tasks to be performed by you. Here is a summary:
- Identify the assets of the estate.
- Preserve the assets from harm.
- Identify and pay the legitimate debts of the decedent.
- Identify and distribute the gifts of personal and real property as specified in the trust.
- Distribute any cash gifts as specified in the trust.
- Sell any real property not to be distributed to the beneficiaries.
- Sell or dispose of the remaining personal property of the decedent.
- Pay the final distribution to the beneficiaries named in the trust.
- Keep the beneficiaries informed at all times as to the progress of the trust administration.
The cost of trust administration is significantly lower than probate. Our services are available by the hour at our standard rates. But we can also propose a flat fee so that the legal fees will be fixed for the administration process, unless a dispute arises by a creditor or a beneficiary.
The costs for closing on a trust may be more than what you were expecting. Our team will work with your bank and other financial institutions to make sure that the funds are transferred in time, but if this isn’t possible it may be necessary to advance funeral expenses yourself and receive future reimbursement.
Trusts FAQs
The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. Establishing a revocable living trust may be the most efficient and effective way to avoid probate thereby limiting hassle of court proceedings and executor probate filing requirements. Once the settlor, or trustor, passes, the assets owned by the revocable living trust continue to be administered by the trustee for the benefit of the named trust beneficiaries without the need for probate.
The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. This goal can be met via a will or a trust. However, consideration of your family dynamics, net worth and asset portfolio, future needs and/or legacy wishes, is essential to determining the best vehicle to achieve this goal as it may be suggestible to draft a will, a revocable living trust, or both. Contact us today to schedule a consultation top discuss your specific estate planning needs.
Estate Planning is a process in which individuals attempt to maximize their wealth during their LIFETIME and PASS the LARGEST amount of ASSETS possible to their loved ones at death with as LITTLE HASSLE as possible. (source: John V. Childers, Jr., The Secret Millionaire: Asset Security System)
Time and money. Probate is a court process with all of its various proceedings, such as court hearings, gathering or inventorying estate asset and paying off debts, which takes months or even years. You can take appropriate steps to avoid probate of your assets. If you have any questions about how to avoid probate of your assets, call us to schedule a free consultation today.
The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. This goal can be met via a will or a trust. Establishing a trust may be the most efficient and effective way to avoid probate thereby limiting hassle of court proceedings and executor probate filing requirements. In some cases, establishing a trust may help to avoid or reduce inheritance taxes for families who would otherwise be subjected to an Estate tax bill.
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Contact Details
- Address : 5850 San Felipe Street, Suite 500, Houston, TX 77057
- Phone : (713) 554-4975
- Fax : (713) 554-4974
- Email : [email protected]
Working Hours
- Monday to Thursday: 9.00 AM – 5.00 PM
- Friday: 9.00 AM – 12.00 PM
- Saturday: By Appointment
- Sunday: Closed
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What Sets Us Apart
After 19 years of practicing Law, Christy has amassed a diverse repertoire of experiences in:
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Providing compassionate and reliable representation.
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Our team will keep you informed every step of the way.
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You will get personalized legal counsel tailored to your case.
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