Q: forms need, as trustee, and beneficiaries of irrevocable trust with less than $100000 in assets desire to terminate
Need forms for Wi irrev. trust with trustee and beneficiary agreement, less than $100000 in assets to terminate trust?
A: I recommend you review the trust agreement itself to see if it has a provision about "uneconomical administration" where it lays out a procedure whereby you can terminate the trust. If not, you may need to rely on the provisions of the default Wisconsin Trust Code. In some instances, it is possible to terminate a trust by using a Nonjudicial settlement agreement if all the parties to the trust agree. I recommend you sit down with a qualified attorney who review the trust agreement and can analyze your options for terminating the trust.
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