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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?


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.

Mark Anderson, JD


21 yrs experience

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