Q: My parents died leaving a trust. How do I go about getting the trust dissolved?
A: The trust should indicate who the Successor Trustee is. That individual will have to administer the trust assets in accordance with the trust.
A: Depending on the circumstances, there might be specific grounds for dissolution outlined in the trust document, or it may require the agreement of all beneficiaries. If all beneficiaries are in agreement, the process can be more straightforward. However, if the trust document does not provide for its dissolution and beneficiaries do not all agree, you might need to file a petition in a Michigan court. This could involve notifying interested parties and attending a court hearing to present your case for dissolution.
A:
Dissolving a trust after the death of the grantors involves several steps:
Review the Trust: Begin by reading the trust document. It will provide instructions on distribution and conditions for dissolving the trust.
Gather Assets: Inventory and appraise trust assets.
Pay Debts & Taxes: Settle any outstanding debts and tax obligations from the trust's assets.
Distribute Assets: Distribute the assets to beneficiaries as outlined in the trust.
Final Steps: After distributions, prepare a final accounting for beneficiaries. If all parties consent, the trust can be formally dissolved.
Legal Assistance: It's advisable to consult an estate attorney to ensure the process is handled correctly.
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