I am a benediciary of a Trust and the trustee wants to transfer the trust to my name shoudl this cost anything?
Philadelphia, PA
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Posted 2 months ago in Trusts
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Exisiting trust - trustee wants to transfer to me or disolve trust
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Answers (2)Douglas L. Kaune
This attorney is licensed in Pennsylvania.
Posted 2 months ago.
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It is difficult to answer your question based on the limited information provided. It would be necessary to see the trust terms and requirements to determine the best approach and possible cost. It is likely that if the trust is being terminated, there would be some fees charged by the trustee as a part of his or her usual duties. There is not likely a fee to close the trust accounts themselves. There might also be income tax due for income earned by the trust and for the preparation of necessary tax returns.
David M. Frees III
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