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Roger
Roger, Attorney
Category: Legal
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Experience:  Litigation Attorney
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Hello I have trust question When our children were small

Resolved Question:

Hello I have trust question

When our children were small we had an irrevocable education trust created. This trust was to run until our youngest child was 26 years of age. Our youngest child is going to be turning 27 and the trust needs to be closed. The attorney that created the trust is no longer in practice. The Trust has a warehouse building that was appraised recently at $60000 and about 15,000 in Cash. We are assuming that we are to sell the building back to our company or someone else at the appraised value, divide those funds and the cash among our 3 children. What do we need to do legally to close this trust, We are located in Illinois.
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.
Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question.

The trustee has the right to close the trust once it has been fully administered. If the trust document contains any provisions regarding closing the trust, the trustee should comply with those provisions.

If the trust doesn't have a specific process for dissolution, it's really fairly simple. The trustee should prepare a written document indicating the trust will be closed or dissolved on a certain date. You should also include pertinent information, such as the full legal name of the trust, the date the trust was created, the place the trust agreement was executed, and the names of the grantors or settlors. Also, you would need to have the beneficiaries sign the trustee; also, the trustee would need to sign the document.

This document doesn't have to be recorded; but it should be stored with other trust records, such as the original trust document. The main thing is to have everyone involved with the trust to sign off on the dissolution so there's no issue about someone not knowing, etc.

Also, if you have an EIN, you can contact the IRS and inform it to close the number due to the trust being fully administered.
Roger, Attorney
Category: Legal
Satisfied Customers: 26160
Experience: Litigation Attorney
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