Trusts are a great way to manage property. A trust is a special type of property arrangement in which the original owner of the property, called the "grantor," places some property in trust, designates someone to take care of it, called the "trustee," for the benefit of another person, who is called a "beneficiary." The rules for how the property must be used, and how to take care of it, are spelled out in a written document, called the "trust instrument." Nevertheless, trusts come to an end, sooner or later. The whole point of financial planning is to create a certain amount of predictability and security. By informing yourself about the termination of trusts you can avoid unintended outcomes.
The first and easiest way a trust can end is that the trust property is exhausted. If the trust property was cash or stocks, this can happen when all of the money, plus interest, gets paid to the beneficiary. If the property was some other asset, like a house, then the trust may end when the house is destroyed or the trust itself comes to an end. Trusts can also end when the grantor specifies an end date or condition, and that condition is met.
Assuming there is still property in the trust, the trustee will work with the beneficiary to distribute the remaining property. Some grantors include instructions in the trust instrument that say how the assets should be distributed. When there are no instructions, the trustee and the beneficiaries must decide a fair way of splitting up the assets. In situations where the potential beneficiaries are at odds with one another, a lawyer's assistance can be even more important, since conflicts increase the possibility that litigation will be necessary to resolve the dispute.
Not sure how to ensure your estate planning is the best it can be for you and your loved ones? Don't worry. Many people have similar questions and go through the same line of questioning when deciding how to make their estate plan. It can be and often is critical that you get legal help understanding the basics of the estate planning process. The best way to get this understanding is to contact an experienced estate attorney near you. Stop and take a breath and call an Amarillo attorney who has had decades of experience. Pick up the phone and call Amarillo Attorney Bill Cornett. Bill is your choice as an experienced estate planning attorney in Amarillo and the Texas Panhandle. Don’t waste another minute. Call him today.
Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer. In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett. Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498
or (800) 658-6618.
Bill Cornett, Amarillo Attorney, with Cornett Law Firm offers affordable, qualified services as an experienced personal injury lawyer, probate attorney, family law attorney, criminal law attorney, DWI attorney and divorce attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.
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Bill Cornett grew up on a farm in Knox City, Texas. He received his Bachelor of Science in Agricultural Economics from Texas Tech University and his Doctor of Jurisprudence from the University of Houston Law School. Bill was licensed to practice law in the State of Texas in 1973.