QUESTION

HOW DO I CLOSE OUT A TRUST FUND

Asked on Aug 26th, 2020 on Trusts and Estates - Florida
More details to this question:
I AM A TRUSTEE OF FUND
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1 ANSWER

Trusts and Estates Attorney serving Jacksonville Beach, FL at Rise Up Legal | Attorneys-at-Law
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Mr. Watkins, Hopefully I can provide some insight regarding the termination of the trust. As trustee, you would generally have a couple of options.  First, if this is a private trust, then the settlor may be able to terminate the trust as long as the instrument itself does not state it is irrevocable, and the settlor complies with any provisions that were written into the trust regarding the procedure of carrying out the action. If not done by the settlor, then there's a chance the court may terminate the trust if you, as the trustee, request they do so.  Usually, the court will only grant the request to terminate a trust if the termination would not be inconsistent with the settlor's intent, or if the termination is in the best interests of the beneficiaries. Based on the sparse details provided here, that is all the insight I can provide.  If you need a more detailed answer, please let me know more of the specifics surrounding your situation.  Thank you, and best of luck!
Answered on Sep 12th, 2020 at 12:00 PM

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