How to Terminate a Trust: The 60-Minute Lawyer
Attorney Karen Johnson is a featured instructor for a special seminar on June 22 for attorneys to learn about the many ways and reasons to terminate a trust, the rights of the vested beneficiaries and safeguards for trustees.
There are many reasons and ways to terminate a trust. Some terminate by their terms; other trusts are uneconomical and terminate for that reason; some trusts can be terminated by Court action or through a non-judicial settlement agreement; and, in certain circumstances, some trusts can decant into another trust.
In all cases an account should be provided to the beneficiaries, but what if there are issues with the accounting? Can claims be brought for breach of fiduciary duty? If no claims are made, do assents from all parties prevent future claims?