Pennsylvania Termination of Trust by Trustee
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How to fill out Termination Of Trust By Trustee?
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FAQ
Most trusts will have a provision that describes how a Trustee may resign from acting as Trustee. In most cases, the Trustee will give written notice of their resignation to the Trust beneficiaries and to the successor Trustees. Whatever the Trust terms prescribe, the Trustee must follow.
Even without the unanimous consent of the beneficiaries, a trustee or beneficiary may petition the court to modify or terminate an irrevocable trust under the changed circumstances doctrine. Sometimes, due to circumstances not known or anticipated by the settlor (the person(s) who established the trust), continuing
Under the Uniform Trust Code, adopted substantially by Pennsylvania, a settlor cannot terminate an irrevocable trust and cause the assets to be returned to the settlor. Irrevocable does not mean the settlor cannot have the power to modify or terminate the 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 trustee cannot do whatever they want. They must follow the trust document, and follow the California Probate Code. More than that, Trustees don't get the benefits of the Trust. The Trust assets will pass to the Trust beneficiaries eventually.
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.
Revocation. and the settlor is not a beneficiary, the settlor has no legal right to interfere with the trustees to change the terms of the trust or to terminate the trust, unless such rights are specifically reserved in the trust instrument.
If the trust is irrevocable, you need to have the consent of all of the adult beneficiaries of the trust in order to resign. The law also allows you to petition the court to accept your resignation as trustee.
A common reason for revoking a trust, is a divorce when the trust was created as a joint document with one's soon-to-be ex-spouse. A trust might also be revoked because the grantor wants to make changes that are so extensive that it would be simpler to dissolve the trust and create a new one.
Once an irrevocable trust is established, the Grantor loses control over the assets and the terms cannot be changed nor can the trust be dissolved.