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.
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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.
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