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When a trustee or successor trustee assumes responsibility for management of a living trust or another type of trust, Texas law imposes substantial fiduciary duties on the trustee in administering, managing, and distributing the trust property and assets. At Karen S. Gerstner & Associates, we apply high-level legal expertise and over 40 years’ experience in trust and estate law in providing trustees with guidance and counsel in performing their trust administration duties.
In assisting trustees with trust administration, Karen S. Gerstner & Associates offers an exceptional level of expertise that sets the firm apart from other trust law practitioners. Since 1986, Karen Gerstner has been Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. She is also a Fellow of the American College of Trust and Estate Counsel, an elite designation reserved for lawyers who demonstrate the highest level of professionalism and expertise in wills and trusts, estate planning and probate, and tax law.
We concentrate our practice exclusively in estate planning and probate law (sometimes also referred to as trust and estate law), which enables us to offer expertise comparable to that of a much larger law firm. In applying our legal expertise, we maintain a commitment to the highest level of personal service to every client by providing services in a timely manner, communicating complicated concepts in terms that are easily understood, and treating each client with dignity at all times. Our relationships with clients are based on mutual trust and respect.
The success of our practice is demonstrated by the fact that most of our clients come to us through referrals from financial advisors, trust officers, accountants, and other clients.
The key to effectively serving as a trustee is understanding precisely what is required and carrying out those duties in full compliance with the terms of the instrument that created the trust and applicable laws. Note that the instrument that creates a trust can be a revocable trust, an irrevocable trust or a will. A trustee’s failure to fulfill fiduciary duties carries a risk of personal liability, so a trustee can benefit substantially from seeking professional guidance in the administration, management, and distribution of a trust.
In Texas, three primary sources define the trustee’s powers and duties and the rules that apply to administration of a trust: 1) the trust instrument, 2) the Texas Trust Code, and 3) court decisions interpreting trust law. For some types of trusts, federal laws and regulations also govern administration of the trust.
A trustee must administer a trust according to the terms in the trust instrument and the Texas Trust Code. If there is a conflict between the two sources, the trust instrument generally controls. If neither source addresses an issue, court interpretations of Texas trust law determine the trustee’s duties.
Texas law imposes specific fiduciary duties on a trustee, which include:
For trustees who accept these substantial responsibilities, our attorneys at Karen S. Gerstner & Associates offer comprehensive support and expert legal guidance to ensure the trustee’s compliance with the applicable fiduciary standards.
A trustee must follow the terms of the trust instrument in managing assets and making investments for the trust. Where the trust is silent or ambiguous, the Texas Trust Code applies the rules and guidelines of the Prudent Investor Standard.
Texas adopted the Uniform Prudent Investor Act to integrate the standard into the Texas Trust Code. The Act provides that, unless application of the Act is altered by the terms of the trust instrument, a trustee "shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution."
The standard includes additional complex provisions and guidelines that apply to managing and investing trust assets. When the standard is applicable, a trustee should develop and implement an investment policy that fully complies with the trust terms and the standard. In furtherance of this goal, our trust administration services at Karen S. Gerstner & Associates include ensuring that the trustee understands the Prudent Investor Standard and how it applies to the trust. We also guide and counsel the trustee in following the rules and guidelines of the standard, when required.
Our attorneys provide comprehensive trust administration services to trustees, which includes fulfilling all the trustee’s fiduciary duties in administering, managing, and distributing the trust. The primary aspects of trust administration include:
In guiding trustees through the trust administration process, we help the trustee develop and implement procedures, policies, and practices to ensure faithful performance of the trustee’s fiduciary and legal responsibilities, as well as navigate issues that arise in management and distribution of the trust. With the benefit of our trust administration services, a trustee gains confidence and peace of mind in fulfilling their fiduciary duties and minimizes the risk of missteps that could expose the trustee to personal liability.
At Karen S. Gerstner & Associates, we welcome inquiries concerning trust administration. We serve clients throughout the Houston metropolitan area and elsewhere in Texas. Schedule a consultation by calling us at (713) 520-5205 or using the online contact form.
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