If you want to terminate a trust, you need to work with an experienced attorney to understand the steps that you may need to take. Mark S. Eghrari & Associates, PLLC can provide help with the process of terminating a trust and can assist you in handling a wide variety of other legal issues related to trust creation, funding a trust or terminating a trust.
Making the decision to terminate a trust can be a big deal because you will lose the protections that the trust is able to provide to you. You should not take this process lightly. You should get proper legal advice from an attorney who is familiar with your goals and who understands the specifics of why the trust was created and what advantages the trust is providing to you. Your attorney can help you to decide if terminating the trust is the right move and can work with you to end the trust if it is actually the best course of action for your particular situation. Contact Mark S. Eghrari & Associates, PLLC today to talk with a trust lawyer about terminating a trust so you can get the help you need to make the right choices.
How Do You Terminate a Trust?
The specific process of how you terminate a trust is going to vary depending upon the type of trust and depending upon the value of the trust asset. For some type of trusts, such as irrevocable trusts, it can be very difficult and sometimes impossible to terminate a trust because irrevocable trusts are not designed to be modified, changed or terminated. For other kinds of trusts, such as revocable living trusts, you have much more flexibility in what you do with the trust so it will be easier to terminate it if you decide that’s the right approach.
Depending upon the situation, some of the steps involved in terminating the trust may involve:
- Reviewing the trust document: Some trust documents will address the issue of termination.
- Providing notice: You may need to provide notice to interested parties about the termination of the trust.
- Transferring trust asset: The trust likely owns assets, so you will need to take the necessary steps to transfer ownership of those assets.
- Completing tax paperwork with the IRS: You may need to file forms with the federal government if your trust has a tax ID Number or EIN.
- Obtaining consent: For an irrevocable trust, the trust can’t be terminated without the consent of interested parties.
Because every situation is different and the process of terminating a trust will be determined by factors such as the trust type, the value of trust assets, and whether you have or need consent, you should make certain you talk with an experienced attorney.
Getting Help from a Trust Lawyer
Mark S. Eghrari & Associates, PLLC will guide you through the process of terminating a trust. We can also help you to determine if you should go through with terminating a trust and, if so, what other legal tools you may wish to use to provide for your loved ones, protect your assets, and secure your legacy.
To find out more about the ways in which our firm can help you with legal issues including trust creation and trust termination, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized advice specific to your situation. Call today if you are considering terminating a trust so you can make sure this is the best course of action and ensure you do the process properly.