While previous posts on this blog have mentioned that Houston, Texas, residents have the option of hiring a bank or other institution to act as a professional fiduciary, executor, or trustee, in most cases, Texans are going to rely on a close family member or friend who is like family to manage their property.
Posts tagged "Trustees"
Many of the relationships that this Houston, Texas legal blog mentions frequently are what the law calls "fiduciary relationships." To elaborate, guardians, executors of estates, attorneys in fact and trustees all have a fiduciary status, meaning that they have special legal obligations to another person or group even outside of a contract or other law.
"Undue influence," is a legal term that many Texas residents might not be familiar with. It can come up in contract situations, but for the most part our readers will likely hear this term in regards to estate planning. Trustees, executors and fiduciaries, along with heirs and beneficiaries, need to be familiar with the term.
Residents of the Houston area likely know that having an estate plan is important, but they may avoid this process for a variety of reasons. For most, it is probably that they just don't understand many of the terms involved, which can admittedly be quite legal-sounding, like "trustees," "executors" and "fiduciaries." It is important to know what these terms refer to and what power these roles hold in an estate plan.
Houstonians who are aging and their loved ones will inevitably consider the future and how to make certain that the elderly people or those with issues that might lead to incapacitation are protected. This is particularly important if health and competence are clearly in decline. These are complex issues that require families to work together to make certain that any issue in dispute is mitigated and the person is adequately protected. This is why it is imperative to have legal help for these matters.
Many Houston residents may have heard the phrase "power of attorney" used in the context of estate planning without fully understanding what the terms means and how it can help an individual or a couple prepare for their old age and, ultimately, their last illnesses and deaths.
Many Houston residents and other Texans may rightly choose to create a trust as their primary estate planning vehicle and will need to have some idea of what exactly a trustee can do and is expected do in order to pick the right person for the job. Other Texas residents may know or even suddenly that they have been named as a trustee for a loved one's trust.
When people in Texas engage in financial planning, naturally their main focus is on creating secure futures for themselves. However, with estate planning, the focus is different. With trusts, in particular, the goal is to benefit charities and surviving loved ones in the event of one's death.
A person's family in Texas can lose a lot if he or she fails to complete estate planning. Well-thought-out estate plans may include wills and trusts, among other documents. A trust, in particular, offers a wide range of benefits.
People in Texas often focus on planning for the future, such as saving for their children's college education or for their retirement, but estate planning is one area that is frequently neglected. However, creating estate plans, including documents such as wills and trusts, is an essential task for adults both young and old. Trusts are particularly valuable for ensuring that one's property will be distributed as one desires.