How to terminate a trust that is at a bank?

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How to terminate a trust that is at a bank?

My father who was a trust attorney in TX died in 1995 and left a trust for my 2 children. I spoke to the trustee last year and he indicated that our trust may be capable of termination. He believes that since I am also a beneficiary and that since we all 3 agree (they are now 22 and 24 years old) that we want this to be terminated now. We need to know what to do next. Do we have to hire a trust attorney from TX to handle the situation? How much would that conceivably cost? What is the process and how long would could? In Corpus Christi, TX.

Asked on August 22, 2011 Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

The trust document needs to be read in full in order to give any guidance here at all.  So in order to save you some money I would suggest that you hire an attorney initially to review the trust and to give you his or her opinion as to what they think your options are.  Ask about the tax ramifications as well.  As for cost, some attorneys charge hourly and some will negotiate with you for a flat fee.  But hire someone who knows what they are talking about.  Once you have an idea of your options you can decide what you want to do.  If you want to terminate the trust and it is held by a bank I am fairly certain that the bank is going to want something official from the court.  But you can start by discussing this with the bank in Texas and asking what they need as well.  Good luck.


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