QUESTION DETAIL
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My client has a trust where the grantor has passed away. What are the procedures to implement a new trust for the beneficiaries?
ANSWER
Expert Mark Anderson's Answer:
Is it a revocable trust? What do the trust provisions say about the trust property. Is the a provision for a successor trustee if the grantor or trustee passes away. Does the trust provisions state the trust property is to be distributed? Do the beneficiaries want to create a new trust? It would depend upon the trust provisions. It may just require that a successor trustee be appointed and the trust continues. If the trust does not continue, then the beneficiaries could create a new trust. It depends upon the purpose of the trust. You might want to contact a local trust attorney to review the trust and advise you what should or needs to be done as it will depend upon the terms of the trust.
