DUTIES
Responsibilities of a Trustee and of a Guardian of the Estate
Trustee
As Trustee, Mr. Ybarra routinely performs the following activities:
- Makes distributions to, or for, beneficiaries including paying vendors directly for bills incurred by the beneficiaries
- Files federal income tax returns (that were prepared by CPAs) with the IRS, pays any tax liabilities that are owed and provides beneficiaries with their own tax reporting documents (Form K-1)
- Hires investment professionals that invest trust assets in the financial markets and reviews those financial holdings with the hired experts
- Interacts with oil & gas companies that extract these resources from land whose mineral interests are owned by trusts
- Maintains frequent communication with trust beneficiaries
- Reviews oil & gas division orders and processes payments received for extraction of minerals (oil & gas)
- Maintains frequent communication with attorneys, including Mr. Ybarra’s attorney who is Board Certified (by the Texas Board of Legal Specialization) in Estate Planning & Probate Law
- Negotiates the purchase and sale of real estate that is owned by trusts and pays property taxes on trust-owned real estate
Guardian of the Estate
As Guardian of the Estate, Mr. Ybarra performs the following actions:
- Files all annual reports and other required documentation with the appropriate Court that presides over each Guardianship
- Makes distributions directly to vendors, including nursing homes, case management social workers, physicians, pharmacies, etc.
- Files federal income tax returns (that were prepared by CPAs) with the IRS, and pays any tax liabilities that are owed
- Works closely with the Guardian of the Person (if one is appointed) to ensure that the personal & medical needs of the person under Guardianship are provided