How do I terminate a trust?

Terminating a trust in Ohio is done by either a court order or a Revocation of Trust. To terminate a trust by court order, a trustee must go to the local Probate Court and file a petition for termination. The court will then decide whether it is in the best interest of the beneficiaries to terminate the trust. The court may also appoint a guardian to represent the interests of the beneficiaries before making a decision. To revoke a trust, the trustor or the trustee must execute a written document revoking the trust. The document must meet all the requirements of the Ohio Trusts and Estates Law. The document must include specific language that terminates the trust and must be signed by both the trustor and the trustee or their respective representatives. The trustor may also execute a new trust revoking the previous trust. Once the trust has been terminated, the trustee must file a Notice of Termination with the Clerk of the Probate Court. The termination will be effective upon filing, unless the court orders a different effective date. The trustee must also distribute any remaining assets to the beneficiaries or their respective representatives. After the trust has been terminated, it cannot be reinstated.

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