Many California residents develop thorough estate plans to protect their assets and provide for their loved ones’ future financial security. Some include trusts as a means of managing their property, in the event that they should no longer be able to do so because of death or mental decline. It is crucial to gain understanding of the various types of trusts, as well as the process by which they end, before taking steps to add such documents to one’s estate plan.
Some trusts include a grantor’s specification that certain conditions must be met before property or funds may be transferred to specified beneficiaries. When those conditions are met, or when a benefactor includes a final date, a trust will come to an end. In addition to these reasons, a trust may also end if it involves an asset that is later destroyed and thus no longer exists.
Situations involving designated trustees, trusts and future beneficiaries are often complex and difficult to understand without benefit of a background in that specific area of law. It can also be challenging to come up with appropriate wording regarding the intended use of a specific property and/or how it should be maintained. An experienced attorney is typically able to help clarify the laws that govern such matters.
He or she may also help define and choose appropriate terms to include in the trusts that form part of an estate plan. Anyone in California with questions regarding trusts that include cash or stocks may find answers by contacting a probate and estate planning attorney for answers. Likewise, a person who is named as a beneficiary, but is not entitled to claim a trust until a certain condition is met (such as marriage or reaching a particular age) may request assistance from an attorney to clarify the stipulations of a particular trust.
Source: estate.findlaw.com, “How Does a Trust End?“, Accessed on July 27, 2016