Trust created in Tennessee to provide assets to care for elderly mother (grantor). Grantor died in 2012 and gradually assets have been sold with funds distributed to beneficiaries as per trust terms. Final asset property was sold this year (2019) and funds distributed. Beneficiaries want to dissolve trust as no further reason for its administration. I am trustee (and also one of the beneficiaries. I live in Florida, but TN law applies, correct? Does this require court hearing in TN or just statement of dissolution and beneficiary consent documents filed with Roane County court clerk (Last residence of Grantor)?
You may not have to do anything to dissolve the Trust, depending on the terms of the Trust Agreement. If the Trust was created by the Grantor's Will, you may have to have a hearing in the Probate Court. If the Trust was created by separate agreement during the life of the Grantor, you may be able to terminate it by agreement with the beneficiaries. It is impossible to advise you without reading the Trust Agreement.
I do not intend to form an attorney-client relationship by answering this question.
I would have to review a copy of said trust in order to appropriately answer the question. The trust document is like the play book for the trustee. The trustee should review this with an attorney to determine the appropriate steps to make. Also, there may be a final tax return that needs to be filed.
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