San Jose, CA asked in Estate Planning for New York

Q: My late parents had assets in an irrevocable grantor trust. The beneficiaries are all in agreement, and wish to disolve

My late parents had assets in an irrevocable grantor trust. The beneficiaries are all in agreement, and wish to disolve the trust. How does one go about doing that? the trust holds some funds, a residential house, and a small interest in a commercial property. Thank you.

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2 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: It depends on the terms of the trust itself, but generally, there are forms to be created and signed by all interested parties (trustees, beneficiaries). It may require a Supreme Court order.

Tim Akpinar agrees with this answer

Gary Lane
Gary Lane
Answered
  • Estate Planning Lawyer
  • Irvine, CA
  • Licensed in New York

A: I would want to see the terms of the trust. Generally, most terms would allow that with all the beneficiary's unanimous agreement, written and signed by them all, and presented to the Probate Court Judge, it would then be dissolved, as if it never existed.

Tim Akpinar agrees with this answer

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