Rhode Island Termination of Trust by Trustee
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FAQ
If the trustee refuses to give an accounting, a beneficiary can sue the trustee through a petition to compel accounting.
A trustee should:Keep accurate and organized records.Record any transfers of property into or out of the trust.Document the decision-making process for trust investments.Account for:Clearly identify the trust property as separate from the trustee's own property.More items...?
Trust can be damaged or destroyed in many ways. Trust is damaged when laughing at, not with, the other person, talking behind each other's backs, gossiping or openly moralizing about another person's behavior. Trust is damaged through expressions of disinterest or disrespect, and the refusal to reciprocate openness.
Under Section 663(b) of the Internal Revenue Code, any distribution by an estate or trust within the first 65 days of the tax year can be treated as having been made on the last day of the preceding tax year.
It is important to note that following the termination of a trust, the trustees are required to retain the all accounting and financial records for a period of five years (Section 17 of the Trust Property Control Act).
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.
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.
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.
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.
Naturally, a trustee could be removed as outlined in the Trust Deed. Also or in the alternative, by application to the Master of the High Court. Or by way of a court order. The court has inherent power to remove a trustee from office at common law.
