Termination of a Trust Flashcards
1
Q
Expiration
A
Express trust can expire at end of stated term
2
Q
Unfulfilled Material Purpose
A
Arises when beneficiary wants to terminate trust PREMATURELY but trustee opposes termination
Settlor must be gone
Claflin Doctrine = Trustee can block premature termination if trust is still serving some MATERIAL PURPOSE
3
Q
Settlor’s Intent
A
Trust presumed to be REVOCABLE
4
Q
Court Termination
A
court can terminate (or modify) a trust if it determines that value of trust property is too low to justify costs of administration
5
Q
Trustee Termination
A
Trustee can terminate a trust, after notifying beneficiaries, if the trust has less than $75,000
