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How to Cancel a Trust

Published on July 29th, 2019

 

One of the most beneficial estate planning tools that a trust attorney has to offer clients are trusts. There are several kinds of trusts that can be set up and your attorney can explain which ones would work best for your situation.

The most common concern that many clients have is wondering when a trust ends. One way or another every trust ends and having a plan for how and when that takes place is an essential part of setting up the trust. Each trust attorney at our firm is committed to making sure that our clients’ interests are always protected, as well as their wishes in how their assets should be distributed.

The most common way a trust ceases to exist is when there are no assets left in the trust. For example, a person can set up a trust so that there is a large amount of money placed in the trust and that the beneficiary of the trust is given a certain amount of money each month. Once all of the funds in the trust have been given to the beneficiary, the trust will terminate. Many of our clients also set up trusts so that upon their death all of the funds are given at once to the beneficiary. This would also end the trust.

This issue can get somewhat complex when the contents of the trust contain property, such as a home. In this case, the trust would end if the home was sold. Many of our clients find that placing property in a trust is much more beneficial in cases where there are multiple beneficiaries to that property.

There are situations where the trust will end upon certain conditions. Parents of minor children may stipulate that the trust will end up on the child’s 21st birthday when all of the funds left in the trust are now given to the child.

In addition to age stipulations, there can be other conditional stipulations placed on when the trust is dissolved. An example of this could be that a parent places a stipulation that their adult child does not receive the full contents of the trust until they get married. At this point, the trust will dissolve.

As mentioned above, there are numerous types of trust that could be helpful to your estate plan. A trust attorney from our firm can explain which ones would work best for your family. The most common types our firm uses include:

  •       Asset protection trust
  •       Charitable trust
  •       Constructive trust
  •       Irrevocable trust
  •       Pet trust
  •       Revocable trust
  •       Special needs trust
  •       Spendthrift trust
  •       Tax bypass trust
  •       Totten trust

 

Contact a Trust Attorney Today

If you would like to learn more about the different trusts available and how trusts can be used in your estate plans, contact an estate planning lawyer in Sacramento, CA today to set up an initial consultation.

 

Thanks to the Yee Law Group for their insight into estate planning and how to cancel. 

 

 

 

 

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