How can a trust be terminated?
A trust can be terminated in Washington through two basic means – revocation or expiration. Revocation is when the trust is terminated due to actions of the grantor, who created the trust in the first place. The grantor sends a written instrument to the trustee, which revokes the trust, and all its assets revert back to the grantor. Expiration is when the trust is terminated by its end date, which was established when the trust was created. This happens when the grantor’s goals have been met or when the terms of the trust have been fulfilled. The assets are generally disbursed to the grantor or to the grantor’s designated beneficiaries. In many cases, termination of a trust may also involve taxes and auditing that need to be taken into consideration. It’s important to remember that a trust can also be terminated in more formal ways, such as court ordered termination, where a court can order a trust to be terminated and all the trust’s assets be distributed. If you have any questions about how a trust can be terminated in Washington, it’s best to consult an attorney who is knowledgeable about inheritance law. An attorney can provide the best legal advice for your specific situation.
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