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wlda

The Trustee has a duty of full disclosure to the Beneficiary. The Beneficiary is entitled to receive copies of or the opportunity to inspect the Trust documents and all of the records relating to the administration of the Trust. At least annually, the Beneficiary is also entitled to receive a Trust accounting covering all transactions of the Trust since the last accounting or since the creation of the Trust, whichever is later. Requests for information or for an accounting from the Trustee should be submitted to the Trustee in writing. A Trustee that fails or refuses to fulfill his or her duty... Read entire entry »


wlda

A trust is administered in accordance with the terms of the Trust document. However, there are certain mandatory rules, outlined under Section 111.0035 of the Texas Property Code, that cannot conflict or be altered by the terms of the Trust document. The terms of Title 9 of the Texas Property Code control the administration of the Trust where the Trust document is silent or if no Trust document exists.... Read entire entry »


wlda

A trust may be created by:1) a property owner's declaration that he or she holds property as trustee for the benefit of another person;2) a property owner's transfer of property, during the property owner's life, to another person as trustee for the benefit of a third person;3) a property owner's transfer of property, by the terms of the property owner's will after the property owner's death, to another person as trustee for the benefit of a third person;4) an appointment under a power of appointment to another person as trustee of the donee of the power or for the benefit of a third person... Read entire entry »


wlda

A legal relationship, usually based upon an agreement, between a Settlor or Grantor (the person creating the Trust and delivering property to the Trustee) and the Trustee (the person or entity receiving and administering the property) to accept and administer the property delivered to the Trustee for the benefit of one or more Beneficiaries. ... Read entire entry »

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