A management trust can provide an alternative to a court-ordered guardianship for managing the financial assets and affairs of an incapacitated adult or minor in Texas. Management trusts offer various benefits and flexibility compared to the more rigid structure of guardianships. Our attorneys can advise whether establishing a management trust is appropriate for your specific situation.
A management trust is a legal arrangement that is specifically designed to assist and protect individuals who are current wards under a guardianship or have been deemed legally incapacitated. It does this by establishing a trust structure to more effectively and flexibly manage their financial resources for their ongoing care, support, and well-being.
Appointing an experienced trustee allows customized management of assets without needing a court-ordered guardianship.
While the rules governing guardianships exist to protect vulnerable individuals, they can also create logistical challenges and undue burdens in some circumstances. These include requirements like:
Given these drawbacks, courts often favor management trusts as a more flexible alternative where appropriate.
The following individuals and entities may apply to establish a management trust in Texas:
Management trusts typically must contain certain provisions to align with their purpose, such as:
Courts may authorize omitting or modifying standard trust terms as appropriate to qualify the beneficiary for needs-based government aid or as otherwise in the beneficiary’s best interests. These are known as special needs terms.
Properly drafted management trusts can provide an alternative to guardianships for flexibly managing finances on behalf of incapacitated beneficiaries while avoiding some of the burdens of court-ordered guardianships. Our attorneys can guide you in determining if a management trust is appropriate for your specific situation.
Local Expertise: With a focus on probate and assisting clients in Houston, we understand local peculiarities and leverage our established network to expedite the probate process.
Vast Experience: Our attorneys bring years of dedicated experience in navigating Harris County’s probate system.
Client-Centered Approach: We recognize the emotional stress often associated with probate administration. Our objective is to alleviate this stress by providing you with top-notch legal support.
Contact us today to arrange a FREE consultation and make the probate process simpler for you.
Our Houston Probate Attorneys provide a full range of probate services to our clients, including helping with management trusts. Affordable rates, fixed fees, and payment plans are available. We provide step-by-step instructions, guidance, checklists, and more for completing the probate process. We have years of combined experience we can use to support and guide you with probate and estate matters.
Disclaimer: The content of this website is for informational purposes only and should not be construed as legal advice and should not be acted upon without consulting a qualified probate attorney.
Probate proceedings in Texas often feature multiple complex stages and interim rulings before finality is reached. This multi-phase process aims to fully and fairly administer estates, but it also creates potential complications when it comes to appealing orders issued along the way. Since appellate courts want to discourage piecemeal appeals before probate completion, only certain…
Probate litigation often involves various motions filed by the parties. These include motions related to discovery requests, such as motions to compel and motions for protective orders. There are also motions to turn over property of the estate or to compel accountings by the executor. One of the key challenges in probate cases is determining…
If someone dies and has a mortgage, can the bank foreclose and sell the property to pay off the mortgage? This is a common situation that arises and a question that we get, as Houston probate attorneys. The short answer is that, yes, the bank can foreclose, but the heirs are not without remedies. There…