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I have a mirrored family trust set up in the 1990's. My wife…

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I have a mirrored...

I have a mirrored family trust set up in the 1990's. My wife has since died and mine is not working as I had envisaged. How do I cancel the Family Trusr/s

Lawyer's Assistant: Estate laws vary by state. What state are you in?

Taranaki

Lawyer's Assistant: What documents or supporting evidence do you have?

It has never been used and only has the family house a a few shares and it has never had an income

Submitted: 10 months ago.Category: New Zealand Law
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9/24/2017
Solicitor: Chris The Lawyer, Lawyer replied 10 months ago
Chris The Lawyer
Category: New Zealand Law
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Solicitor: Chris The Lawyer, Lawyer replied 10 months ago

You need to look carefully at the trust deed and see what it says about winding up the trust. If this is an older trust deed there could be problems with this, and you may even need to apply to the High Court under the Trustee Act. You need to consider the persons named as beneficiaries, and check whether you are a beneficiary. The property no longer belongs to you and so you need to get all the trustees to agree to any changes like winding up, if that is possible. If the trust deed does permit winding up then there would need to be trust resolutions to transfer the assets in terms of the trust deed, hence the need to ensure the beneficiaries interests

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