How to Dissolve a Trust for Minors
A trust places property in the hands of a trustee for the benefit of a beneficiary. Some trusts, known as irrevocable trusts, can't be dissolved. Others, known as revocable trusts, can be. Only the person who created the trust has the authority to revoke it. A revocable trust created for the benefit of a minor can easily be dissolved; the minor has no say in the revocation (and would have no say in the trust at all until she reached the age delineated in the trust for her to take possession of its property; that age is usually set at 18, 21 or 25).
Other People Are Reading
Instructions
-
-
1
Review the trust. Make sure it can be dissolved; verify that there's no language stating "non-revocable."
-
2
Execute a formal revocation (dissolution) of the trust. You can dissolve trusts in writing or orally. It's better for purposes of documentation to express your revocation in writing. To create such a writing, you need only state your intent to revoke the trust and sign the document; you don't have to use a template or other legal form.
-
-
3
Wrap up the affairs. Make sure you perform a final accounting of the trust for tax purposes. You've successfully dissolved the trust. Don't forget to come up with a plan for the disbursement of the principal.
-
1
