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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.

The Trustee can file a Petition in Probate Court for resignation. The Court will typically appoint a neutral licensed professional fiduciary. In some instances, a Trustee refuses to resign. Beneficiaries can file a Petition in Probate Court to remove the Trustee.

If the court finds sufficient evidence to remove the trustee, it will do so and appoint a successor trustee. In some cases, the trust documents may identify this successor trustee, while in others, the court may appoint a suitable trustee, such as an attorney.

2. The termination of Trust and the Proposed Distribution will not cause any of the beneficiaries of Trust to be treated as making a taxable gift.

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).

Usually, this means paying any outstanding trust obligations, liquidating assets, filing final income tax returns, preparing a final accounting for the benefit of the beneficiaries, and distributing trust assets to the appropriate beneficiaries.

According to California Probate Code §15642, a trustee can be removed according to the terms of the trust instrument, by the probate court on its own motion, or if the trustmaker, a co-trustee, or a beneficiary files a petition for removal in the probate court.

Termination by appointment and advancement In order to do this the trustees will, in most cases, have to exercise their power to appoint and advance. The trust deed will need to be checked, of course, but typically it would require the trustees to execute a deed of appointment and advancement.

Yes, a trustee can be legally removed. California Probate Code §15642 allows a trustee to be removed in accordance with the trust instrument, by the court on its own motion, or on petition of a settlor, co-trustee, or beneficiary.

Consistent with current Massachusetts practice, a non-charitable irrevocable trust may be terminated or modified with consent of all the beneficiaries and with court approval, so long as the modification or termination is not inconsistent with a material purpose of the trust.

More info

Middlesex County College Board of Trustees PROCEDURES Manual – Nov. 2017. What powers does a trustee have?Did the organization liquidate, terminate, or dissolve and cease operations? The trust doesn't automatically terminate when the child turns 18.

Middlesex Massachusetts Termination of Trust by Trustee

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