Wills & Trusts Lawyer in Dallas
About Trust Administration
Regardless of the type of trust involved it is imperative that you seek legal counsel to see that the trust is administered properly. A trust relationship refers to the circumstance in which one party holds property for the benefit of another. This can include real property, personal property, tangible property or intangible property; conventionally, these relationships exist to benefit a third party.
Typically, a person, called the settlor or grantor, will create a trust and transfer some or all of their property to a trustee named in the trust. The trustee will then be responsible for holding the property on behalf of the settlor and/or any third party beneficiaries. There are many different types of trusts and understanding how each of them work will help to see that they are handled properly.
Governance of Trusts
Trusts will be governed under the terms by which they were created. These terms are generally documented in written form – in the trust instrument, and will specify the property that is intended for transfer, as well as which individuals will be named as the beneficiaries of the trust, and what they will receive from the trust and when they will receive it.
Sensitive in nature and reliant on being created according to the proper governing laws, trusts should only be handled with the help of an experienced probate attorney who can assist in the creation, modification, termination and / or administration of a trust.