Legal Question in Wills and Trusts in California
terminating a living trust
My stepmother passed away last August, 1998. As a resident of California, she formed a trust, naming my father as trustee. The only other surviving beneficiary is a son from a previous marriage. I am co-trustee since my father's mental capacity is limited.
I have agreement from both beneficiaries to do a partial disbursement of most of the trust funds while we await the transfer and sale of some stocks. What document do I use to release the funds? Also, at the conclusion of the trust, after all monies have been distributed, what document do I use to terminate the trust.? I am assuming that there should be in each of the above referenced documents a statement of no liability on the part of the trustee(s). Thank You in advance.
1 Answer from Attorneys
Re: terminating living trust
It's difficult to say what you need without reading through the particular trust and reviewing the particular situation. Thus, you should consult with a trust attorney to review the trust and answer your question. You can still do quite a bit of the work yourself, but you just need to make sure you're not missing anything.
Some things that will probably be necessary: informing the IRS that your fiduciary capacity has ended (Notice of Fiduciary Relationship); completing last tax returns for trust, if necessary, or informing beneficiaries of capital gains taxes due from them on their distributions; get receipts from beneficiaries of distributions; do trust accounting if required; make sure all notices required by state law have been sent or filed.
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