Q: How to dissolve an irrevocable trust in TN with real estate?
What is the procedure in Tennessee for dissolving an irrevocable trust that contains only real estate, in order to pay off one beneficiary $100,000 and resolve the $30,000 in debt incurred by the trust? The trust consists of three beneficiaries, one serving as the sole trustee. The two larger-interest beneficiaries manage and maintain both the rental and residential properties and reside in the latter. The third, lesser-interest beneficiary proposes a payout, as they have no interest in owning the property.
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A: You must hire an attorney with trust experience to read the Trust and Deeds involved. Only then can a proper procedure to execute the Trust be arrived at. There will be tax consequences. Trustee may have to sue the Beneficiaries in Chancery to execute the Trust.
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