There are many types of professionals that are considered to be fiduciaries, including attorneys, real estate agents or brokers, accountants, business advisers, bankers and financial advisers. Then there are others such as trustees and executors that don't necessarily...
Trustees
Questions to answer before choosing a trustee
Once you decide to create a trust, you'll be faced with a variety of questions that require your attention. For example, you need to choose a trustee. And when doing so, it's imperative to name the right person.Answer these questions as you compare trustees on your...
The role of an executor of a will
It doesn't matter if you're creating a will and naming an executor or someone has asked you to serve in this capacity, it's critical to understand everything the role entails.In general terms, the executor is responsible for managing a person's estate and distributing...
Successor trustee could be liable for previous breach of trust
People in Texas need to plan for where their property will go after they pass away. One very effective way of doing that is to create a trust and transfer their property to the trust. As part of the trust they will need to appoint a trustee. This individual will be...
Potential remedies for trustee’s breach of fiduciary duty
There are many situations where people in Texas rely on other people to do things for them. They have other people fix their cars, provide medical treatment, fix HVAC issues and provide other services for them. They need to trust that the professional hired to do the...
Review of the prudent investor rule
This blog has previously discussed a trustee's duty to the beneficiaries of a trust. Among other things, a trustee must refrain from self-dealing or conflicts of interest, must manage the trust according to the legal requirements and must act in the best interests of...
The fiduciary responsibility of an attorney, in fact
Many Houston residents may have executed a document called a power of attorney as part of their estate planning. This document appoints a person, or group of people, as attorney in fact for a Houston resident's estate.The powers of an attorney in fact are very broad....
Decanting a trust in Texas
Many residents of Houston understand the meaning of "decanting" when the subject is fine wine. Decanting involves pouring a wine that has sufficiently aged into a bottle that allows the wine's sediment to separate from the wine. Decanting also adds oxygen to the aged...
Understanding the fiduciary duty of a personal representative
When a resident of Texas dies, the property of the decedent must be distributed to the decedent's heirs and beneficiaries according to state law. If the person dies with a will, the person who oversees the collection and distribution of the decedent's estate is called...
Choosing an executor for a Texas estate
Making a will can be a complex tax. The maker of the will must give considerable thought to who will be beneficiaries under the will, specific bequests of property, charitable donations and similar issues. One of the most important decisions is choosing an executor to...