Trust Administration Takes a Financially Savvy Dallas Trust Lawyer to Help Trustees Make Educated Decisions for Beneficiaries
Feb 29, 2012
Dallas, TX (Law Firm Newswire) February 28, 2012 – Once a trust is in place, the important task of administering it according to the trust agreement and relevant laws begins. “Anyone who agrees to serve as a trustee has a fiduciary duty to act in the beneficiary’s best interests. While the trustee may understand that legal duties exist, the trustee may not know how to fulfill their legal obligations and minimize their liability exposure,” said Dallas trust lawyer and estate planning lawyer John Hale, of The Hale Law Firm.
The Hale Law Firm helps individuals and institutions with the trust administration process. Their attorneys can review investment choices to make sure trust assets are suitably invested given the trust’s objectives and distribution standards. Great care must be taken to make sure the trustee has the power to take certain actions and to avoid possible conflicts of interest. Consideration must be given to tax implications on investment and distribution decisions. An experienced trust attorney can help to make sure the trust is properly administered.
Clear communication and accurate accountings to beneficiaries are also necessary to promote a spirit of cooperation and trust between the trustee and the beneficiaries. Complications inevitably arise when beneficiaries lose faith in the trustee’s decision making or otherwise believe the trustee is managing the trust estate with an air of indifference towards the needs of the beneficiaries. One of the most important but overlooked considerations in choosing a trust attorney is whether or not the attorney’s personality will aid in the creation of a trusting environment. One of the best risk management techniques in trust administration is to be positively perceived.
“Trusts are as diverse as the human imagination. There are no one-size-fits-all approaches and certainly the same is true of the steps and procedures required to administer a trust,” said Hale. “Trusts can be ingenious mechanisms to ensure the achievement of important goals such as asset protection, tax minimization, probate avoidance or professional management of trust investments. Likewise, trusts can prove to be unwieldy and top-heavy, particularly vulnerable to roll-over if driven by an inexperienced trustee.”
There are many types of trusts, so having an attorney that can help an individual pick the right trust and administer it is key. The Hale Law Firm offers clients unique insight in that its attorneys have professional backgrounds in financial services and are highly sought-after for disability and long-term care planning.
“Avoiding probate, preserving public benefits for beneficiaries, and fulfilling income, estate tax, and gift objectives should be left to a professional,” said Hale. “It takes a proactive approach to navigate the maze of laws and financial regulations to make it all work.”
John Hale is a Dallas trust attorney and Dallas estate planning attorney with The Hale Law Firm. To learn more about the Dallas elder law firm and Dallas wealth management, call 972.351.0000 or visit http://www.thehalelawfirm.com/.
The Hale Law Firm
100 Executive Court, Suite 3
Waxahachie, TX 75165
Call: 888.425.3911
