Can I undo a testamentary Trust on my own or would I have to hire an attorney?
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Can I undo a testamentary Trust on my own or would I have to hire an attorney?
My father created a testamentary Trust for my mother with my brother and I as co-executors and co-trustees. With the amount of an estate that will be taxable finally settled by Congress, there is no need for her to have this Trust and it is a bit of a hassle at tax time. The trust’s investments assets are held at only 5 different companies. How would I go about it?
Asked on July 19, 2013 under Estate Planning, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I would consult with an attorney because a s a Trustee you could be held personally liable by not complying with the terms or requirements under the law. Now, a testamentary trust is irrevocable, meaning that its provisions cannot change. It generally terminates according to the terms of the will but you can request termination by order of the Probate Court if you can prove that the purposes for which the trust was created are no longer valid or being served. It could terminate if the trust's assets fall below a particular monetary value, so terminating it does not affect the reason for its creation. Good luck.
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