Wills and trusts administration is a big category of law, and it can be a little confusing to understand exactly what it all means. The specifics of this type of work will vary from state to state, so what happens in Texas will be slightly different from how it all takes place in any other state. For the most part, though, wills and trusts administration involves the following:
Assets Passed Under a Will
The wills and trusts administration lawyer in Houston will be helpful to the executor of a will in figuring out what assets are included in an estate. He or she will assist in figuring out what the debts are, as well. Then the entire estate will be guided through the court process known as probate in order for the assets to be distributed appropriately with the will in mind.
Estates Without a Will
Wills and trusts lawyers in Houston can also be instrumental, even when there is no will. They can assist with the probate process, working with the person chosen as the executor to meet all legal obligations. Because there is no will to direct the distribution of assets, the courts will have a bigger say in what goes to whom.
Administering Trusts
This item is a little more obvious, considering we are talking about wills and trusts administration! In cases where there is a trust, the attorney will work with the trustees or beneficiaries to figure out what kinds of rights and obligations will come into play. Working together, the entire team will find ways to meet the requirements of the trust.
Tax Implications
Finally, a wills and trusts administration lawyer in Houston will be instrumental in helping beneficiaries and trustees navigate the myriad of tax implications that come along with an estate. If the decedent created a trust, it may have been for the very purpose of protecting assets from exorbitant taxes in the first place. A good lawyer will continue this trend in order to ensure the trust remains as valuable as possible.
Anyone who has been named as the executor of a will or a trustee should definitely consider hiring an attorney in Texas to guide the process. From probate to appointing an administrator to settling any legal proceedings for the estate, this professional can protect the overall worth, as well as speed the process. They can also assist or make referrals for beneficiaries who find themselves in need of their own advice after inheriting wealth.
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