Termination.

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Presentation transcript:

Termination

When does a trust terminate?

When does a trust terminate? 1. Express terms of trust Most common method § 112.052

When does a trust terminate? 2. Settlor revokes § 112.051

When does a trust terminate? 3. Property exhausted No trust without property § 112.005

When does a trust terminate? 4. Uneconomical Notice to beneficiaries Current distributees Permissible distributees Distributees if trust terminated now Value < $50,000 Trustee determines purpose not justify cost of continuing trust No adverse estate tax result Trust not contain a conservation easement

When does a trust terminate? 5. Court order Deviation § 112.054

When does a trust terminate? 6. Merger Legal and equitable title reunited. § 112.034 Peaches and Herb

When does a trust terminate? 7. All beneficiaries die Peaches and Herb

Trustee’s duties upon termination 1. Wind up trust business Trustee retains trust powers for “reasonable” period. How determine? § 112.052

Trustee’s duties upon termination 2. Distribute trust property to remainder beneficiaries Must be done timely. § 112.052

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