If all parties agree, can you stop a trust and split the money equally?
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If all parties agree, can you stop a trust and split the money equally?
A family member died and had a significant amount of money that she put in a trust, to be split up between me and my siblings. Another family member is the trustee. we receive a set amount once a year and it will continue for about 35 years. If all parties agree can we terminate the trust and split up the money?
Asked on March 29, 2012 under Estate Planning, Ohio
Answers:
Steven Fromm / Steven J Fromm & Associates, P.C.
Answered 12 years ago | Contributor
Maybe but you would need to petition the court to do so. The settlor may have had valid reasons for setting the trust up and that may be an impediment to do what you are contemplating. Get with an estates lawyer to review the document and the overall situation.
Guy Kirkpatrick
Answered 12 years ago | Contributor
For revocable trusts, yes you can generally agree to dissolve the trust and split up the proceeds. You will need to see a trust or probate attorney. There may be tax consequences as well so you may need to talk to a CPA or tax advisor. Good luck.
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