I will use some hypothetical numbers.
Value of trust on June 1st: $3,000,000.00
1/12 share value on June 1st: $250,000.00
All beneficiaries approve above figures.
DJIA falls on June 12th, trust value on June 13th is now $2,900,000.00
1/12 share value is now $241,000.00
Bank receives approval documents based on June 1st values on June 13th.
How does the bank then terminate the trust?
If new documents are required to approve the lower value and sent to the beneficiaries, the value of the fund may go up, say to $3,100.000.00
before the bank receives the approval forms from all of the beneficiaries.
The beneficiaries 1/12th shares are now worth more than the figure just approved.
So you can see what I'm getting at here. I'm sure the bank has a way of handling both of those scenarios, to prevent an endless cycle of change-approvals for higher or lower values.
This question may be best answered by the bank trustee, b/c in order to comply with federal/state regulations the above scenarios may be handled by procedures specific to that bank, as long as they stay within the law.
Please let me know if you think that may be the case. Thank you.