Missouri Termination of Trust by Trustee
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How to fill out Termination Of Trust By Trustee?
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FAQ
On the termination of the trust the trustees are under a duty to distribute the trust assets to the right beneficiaries. Failure to distribute to the correct beneficiary can subject the trustees to liability for breach of trust. See Practice Note: Termination of trustsbeneficiaries.
The Missouri Uniform Trust Code provides that an irrevocable trust can be modified or terminated upon consent of the settlor and all beneficiaries, without court approval, even if the modification or termination is inconsistent with a material purpose of the trust.
The easiest method is if the trust has less than $250,000 in it. Alternatively, if all of the adult beneficiaries agree, Missouri law provides that a trust may be terminated if it is uneconomical. Both of these methods require a judge to approve and order the termination.
Ways a Trust Can EndIf the trust property was cash or stocks, this can happen when all of the money, plus interest, gets paid to beneficiary. If the property was some other asset, like a house, then the trust may end when the house is destroyed or the trust itself comes to an end.
A trust can also be terminated if it involves illegal conduct or if it cannot operate properly as a trust due to its small size. Additionally, beneficiaries can only terminate a trust if they are all in agreement. Unless specified in the trust, trustees are never allowed to terminate a trust.
As discussed above, irrevocable trusts are not completely irrevocable; they can be modified or dissolved, but the settlor may not do so unilaterally. The most common mechanisms for modifying or dissolving an irrevocable trust are modification by consent and judicial modification.
The easiest method is if the trust has less than $250,000 in it. Alternatively, if all of the adult beneficiaries agree, Missouri law provides that a trust may be terminated if it is uneconomical. Both of these methods require a judge to approve and order the termination.
Irrevocable trusts established for noncharitible purposes may be terminated by consent in Missouri. This requires unanimous agreement of the beneficiaries and the settlor, but does not require the consent of the court.
If the trust is a revocable living trust, as the name implies, the Settlor may modify or terminate the trust at any time. An irrevocable living trust, however, cannot be modified or revoked by the Settlor at any time nor for any reason once active.
A trust can be terminated for the following reasons: The trust assets have been fully distributed, making it uneconomical to continue with the trust. The money remaining in the trust makes it uneconomical to continue with the trust. The trust has served its purpose in terms of its stated objective.