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May 2013 Archives

Trustee has fiduciary duties to the beneficiaries of the trusts

One common occurrence in estate matters happens when the parents have placed one child in charge of a trust or the estate administration, and that individual plays it tight to the vest, not offering sufficient information to the other siblings to keep them satisfied. With respect to revocable trusts in Texas the trustee does have certain obligations to the beneficiaries. For starters, the trustee is a fiduciary to the beneficiaries, which entails a duty to act reasonably, ethically and prudently on their behalf.

Advanced planning can avoid the risk of probate in a Texas court

When it comes to ensuring the final wishes of an individual are properly planned for, the key is clear communication among all that may be involved in the process. If questions remain after the individual's death and more than one person makes a claim for a share of the assets of the deceased, the process in a Texas probate court can be difficult. To avoid the stress brought on by such an ordeal, it is preferable for all the parties to come together while the testator is alive to address any outstanding issues.

How Obama's budget could affect estate tax plans

Many Texas residents are aware that President Obama has proposed a number of changes within his 2014 budget. However, there are many who are unsure exactly how those changes could affect estate tax matters and the overall estate planning process. Each individual or family's situation is unique, but there are a number of important considerations that all Americans should note.

Do young adults need a power of attorney?

Many Texas residents consider estate planning a need arises in the late adulthood stage of life. In reality, however, all adults can find value in estate planning, regardless of their age or stage of life. In fact, young adults have specific estate planning needs that many families fail to recognize, and can benefit from a power of attorney and other estate planning tools.

Estate administration: Do your parents have an estate plan?

Like many other people, most Texas residents have accumulated assets that will be left behind upon their passing. Usually there are children involved and parents do not readily share their medical, financial and overall estate plan with them. These tend to be tough conversations to have with children. Some parents may not quite realize how important it is to include their children in planning for estate administration issues so that there is no surprise when action does become necessary.

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