How do I disolve my testamentary trust in Colorado
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How do I disolve my testamentary trust in Colorado
my parents died and set up a trust for me naming my sister as the trustee. it was a stupid move to set up the trust in the first place as my parents were worried about my ex husband going after my inheritance, this would never happen and I am on good terms with my ex. My parents set up the trust in their will and the trust document said the trustee could dissolve the trust if it wasn’t needed. It is not needed. Unfortunately my sister was diagnosed with leukemia and has resigned as the trustee. She sent me a letter in the mail stating she has resigned. I think she thought that was all she had to do…. now I have a train with no conductor Help. Can I dissolve the trust as the beneficiary?
Asked on June 5, 2018 under Estate Planning, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You will have to bring a legal action (lawsuit against the trust) in county court (typically, in the part or department of county court called the "chancery court" or "chancery division") in which you seek to have the court enforce the "not needed" terms of the trust and dissolve it, releasing the money to you. In the course of the lawsuit, the court will likely appoint a new trustee (even if only on a temporary basis) to represent the trust's interests. This kind of legal action can be challenging for non-lawyers--it is much more complex than, say, a small claims court. You are advised to retain an attorney to help you.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You will have to bring a legal action (lawsuit against the trust) in county court (typically, in the part or department of county court called the "chancery court" or "chancery division") in which you seek to have the court enforce the "not needed" terms of the trust and dissolve it, releasing the money to you. In the course of the lawsuit, the court will likely appoint a new trustee (even if only on a temporary basis) to represent the trust's interests. This kind of legal action can be challenging for non-lawyers--it is much more complex than, say, a small claims court. You are advised to retain an attorney to help you.
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