Q: My wife’s father put his 24 acres of land into an irrevocable trust with himself, his wife & one grandson as trustees.
He has 3 adult children & 4 other grandchildren.
Is it possible to break the trust upon his and his wife’s death & share the approx $1,000,000 worth of land equally between his 3 children or 5 grandchildren or all?
He is 95 & he created the trust 10 or more years ago without the knowledge of any of those outside the trust.
A: If all parties agree - all beneficiaries and all trustees - the trust can be terminated. If any party objects, the party seeking to terminate the trust must bring a lawsuit to terminate the trust and have a valid reason for doing so. Otherwise, the trust will continue to exist until the date of termination contained in the trust. Schedule a free consultation to determine if the trust can be terminated early and if not, when the trust will naturally terminate.
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