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Old 02-24-2005, 03:59 PM
Tad Borek
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Default Re: Trustee exit strategy

noggin wrote:
- quote -

> Any tips or caveats on what's involved for a trustee to close out a
> trust? I mean the once-revocable type, but say the originator died
> and you're a candidate to supervise final distribution. I realize US
> state regulations apply, but what in general tends to happen? Examples
> can help to guide research, and anyway the vehicle is supposed to
> be one that saves heavy legal consultation.


I think the Nolo Press book for executors ("The Executor's Guide")
covers this. I don't know where you are but here in CA every big book
store has these, you could check & see if it helps. If you're not
familiar w/them, Nolo publishes a bunch of excellent self-help legal
books: www.nolo.com

-Tad

  #1  
Old 02-24-2005, 12:23 PM
dumbstruck
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Default Re: Trustee exit strategy

Maybe trustee resignation isn't accepted by courts unless final
accounting is shown to their satisfaction somehow.

 
Old 02-24-2005, 09:07 AM
brutsman@cox.net
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Default Re: Trustee exit strategy

maybe you should keep it as its own entity

  #-1  
Old 02-23-2005, 09:23 AM
noggin
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Default Trustee exit strategy

Any tips or caveats on what's involved for a trustee to close out a
trust? I mean the once-revocable type, but say the originator died
and you're a candidate to supervise final distribution. I realize US
state regulations apply, but what in general tends to happen? Examples
can help to guide research, and anyway the vehicle is supposed to
be one that saves heavy legal consultation.

The trust has instructions for how to disperse and a trustee always has
the option of resigning, but is this all? Should the trustee be
reporting formally or informally where the money has been dispersed?
Should trustee hang on for a long time with a small reserve fund just
to be prepared for disputes (post probate)? tks

 

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exit, strategy, trustee
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