Do I have to have an attorney to petition to close trust early or canI do it myself?
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Do I have to have an attorney to petition to close trust early or canI do it myself?
Can I do this myself as the trustee? The trust matures 02/12 but is only holding a small percentage of ownership in real estate;all the cash has been disbursed and we are still having to pay bonds, accounting fees, etc. which is very expensive. The commissioner said that he has no issue with us closing early under the circumstances, and to to get my lawyer to petition to close the trust, but that is another expense. Is this something I am able to do without a lawyer to save money and speed up the process?
Asked on January 4, 2011 under Estate Planning, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I do not see any reason that you have to hire an attorney to petition to close the trust as the trustee of the trust, so long as you comply with the law in doing so. Do you have any idea on how to do same? It would most likely have to be filed in Court. Go down to the Courts and speak with the clerks in the trust and estates division. They are generally very helpful in these matters and they may even have forms for you to look at. You also need to make sure that you comply with all the final accounting of the trust assets and filing of a final accounting. You also have to decide what you are going to do with the remaining asset. Albeit it small it is still an asset. Remember that yo have a fiduciary duty here and that is serious business. You need to make sure that you are protected as well. Good luck.
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