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Under(NNN) NNN-NNNN1) Fl. Stat., "After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration."
So, as you apparently satisfy the statutory requirements, you can close the accounts and resign your appointment.
Note: keep the IRS records for at least 3 years.
Hope this helps.
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You don't actually have to resign to anyone. But, it's good practice to notify the beneficiaries that you are resigning, because then they all know that you are no longer taking responsibility for any future trust matters that arise. You can also notify any creditors or neutral parties. Basically, you're just telling everyone that if they have a problem in the future, don't bother you, because it's not your problem any longer.
Note: the trust may state some particular process for termination and/or resignation. If it does, then you must follow that procedure. Otherwise, you can just be a prudent person and do what you think is reasonable and in the best interests of the trust.
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