Can anyone help please? We have a Trust and the client wishes to terminate the Trust. I cannot find a precedent but might be looking under the wrong heading. Does anyone have such a precedent for revocation/termination of the Trust, and am I right that the Trustees and beneficiaries would all sign? Lastly is it always possible in those circumstances with agreement of all parties to sign to close down the Trust?
John McCarthy
THE WILLS & ESTATE COMPANY LTD
Is the trust stated as being irrevocable in the settlement/deed?
Iain Cameron
Acer Legal
It would very much depend upon the nature of the trust and the powers given within the deed. Revocation will only be possible if the trust was not created irrevocably. If it is a fully discretionary trust, the trustees are likely to have powers of appointment and they may be able to appoint out the capital to the beneficiaries, terminating the trust if they are able to appoint all capital. Without seeing the full deed it is difficult to say what would be most appropriate.
Naomi Neville
SHOOSMITHS LLP
There is probably no way to say this without sounding condescending but it does sound as though you need to put the client in touch with somebody who understands trusts.
Andrew Goodman
Osborne Clarke LLP