Legal Question in Wills and Trusts in Texas
Can a majority of beneficiaries elect to dissolve a Trust set up in Texas as a Living Trust and Grantor passed away a year ago.
Asked on 6/09/14, 3:11 pm
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
Standard Answer- it depends. Typically Living Trust is revocable until the Grantor dies and then it becomes irrevocable. Most trusts (not all) have remaindermen who are beneficiaries beyond the named beneficiaries. In order to protect yourself from claims from remanderman, you should seek counsel and probably go to court to seek an order authorizing you to terminate the trust and distribute the assets.
Answered on 6/10/14, 8:39 am
Related Questions & Answers
-
Are Internet prepared WILLS accepted in TEXAS ? Asked 5/14/14, 4:03 pm in United States Texas Probate, Trusts, Wills & Estates