Georgia Termination of Trust by Trustee
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How to fill out Termination Of Trust By Trustee?
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FAQ
The basis of the trust was illegal. There is a dispute between the beneficiaries. You created it under distress, fraud, or by mistake. Your trustee is in violation of his or her duties.
Further, a trust will be considered as terminated when all the assets have been distributed except for a reasonable amount which is set aside in good faith for the payment of unascertained or contingent liabilities and expenses (not including a claim by a beneficiary in the capacity of beneficiary).
To petition the Surrogate's Court for removal of a Trustee, you must have legal standing. Typically, co-trustees and beneficiaries of the trust have legal standing. The court will remove a Trustee if the bad acts are proven.
Some states, such as Georgia, permit dissolution of an irrevocable trust if you, your trustee or a beneficiary file a petition with the court to terminate it. You'd need good cause, but this option wouldn't require the consent of everyone involved.
When a trust ends and there is still property contained within the trust, it is up to the trustee and beneficiary to work out how the trust is handled. This assumes that the grantor did not outline anything in the trust that deals with this scenario.
Whichever way the trust is ended, the trustees should make sure they have a record of its termination, either as a trustee resolution or a formal deed, depending on the terms of the settlement. It may be possible to simply record the decision in writing, or it may have to be actioned by a deed to be valid.
How do I resign as trustee?Any procedure outlined in the trust instrument.Obtaining the consent of the person who can revoke the trust (if the trust is revocable).Obtaining the consent of all adult beneficiaries (if the trust is not revocable).Obtaining a court order.
Terminating an irrevocable trust and distributing its assets to beneficiaries can result in a levy of gift taxes and income taxes on you as well as the beneficiaries. For this reason, it would be wise to consult a tax or estate attorney before making any amendments to an irrevocable trust, or attempting to revoke it.
A trust usually ends under legal and complete circumstances. After the grantor passes away, the trustee handles the property and assets of the grantor, and the assets are transferred to the beneficiary (or beneficiaries) under the terms dictated in the trust by the grantor.
Petitioning Court for Removal A petition for removal of a trustee can be filed by either a co-trustee or a beneficiary. This process can be further complicated if beneficiaries are also designated as trustees. The petition may also seek financial damages from the trustee.