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Closing · 6 мин чтения
When a Utah trust ends
A trust terminates to the extent it is revoked or expires under its terms, no purpose of the trust remains to be achieved, or its purposes have become unlawful, contrary to public policy or impossible to achieve (Utah Code § 75B-2-410). It may also be terminated by the consent of the settlor and all beneficiaries, or of all beneficiaries where the court concludes its continuance is not necessary to achieve any material purpose (§ 75B-2-411); by the court for unanticipated circumstances (§ 75B-2-412); and, after notice to the qualified beneficiaries, by the trustee of a trust whose property is worth less than $100,000 in total, on concluding that the value is insufficient to justify the cost of administration (§ 75B-2-414). Trusts may be combined or divided after notice (§ 75B-2-417).
Distribution, the reserve and the proposal
On an event terminating or partially terminating the trust, the trustee proceeds expeditiously to distribute the trust property to the persons entitled to it, subject to the right to retain a reasonable reserve for the payment of debts, expenses and taxes (Utah Code § 75B-2-815). The trustee may send the beneficiaries a proposal for distribution; a beneficiary's right to object ends 30 days after the proposal was sent, if the proposal informed the beneficiary of the right to object and of the time allowed. A release of the trustee from liability is invalid to the extent it was induced by improper conduct or the beneficiary did not know of the beneficiary's rights or the material facts.
The final report and the record
At the termination of the trust the trustee sends the qualified beneficiaries who request it the report — the property, liabilities, receipts and disbursements, the compensation or a fee schedule, the assets and their values (Utah Code § 75B-2-811(3)). A report that adequately discloses a potential claim and states the time allowed starts the six-month period; otherwise a beneficiary's proceeding is commenced within one year after the trust's termination (§ 75B-2-1005). The trust's final fiduciary income tax returns — the Utah TC-41 with the federal Form 1041 — close the tax year, and the record (§ 75B-2-808) stays with the trustee.
Законы, дословно
Modification or termination of trust -- Proceedings for approval or disapproval
Utah Code § 75B-2-410 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Modification or termination of uneconomic trust
Utah Code § 75B-2-414 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and report
Utah Code § 75B-2-811 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Distribution upon termination
Utah Code § 75B-2-815 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Can a Utah trustee end a small trust?
After notice to the qualified beneficiaries, the trustee of a trust whose property is worth less than $100,000 in total may terminate it on concluding that the value is insufficient to justify the cost of administration (Utah Code § 75B-2-414).
Can a Utah trustee hold money back at the end?
Yes. The trustee distributes subject to the right to retain a reasonable reserve for the payment of debts, expenses and taxes (Utah Code § 75B-2-815).
How long after a Utah trust ends can a beneficiary sue?
Six months after an adequately disclosing report, or, where that rule does not apply, one year after the first of the trustee's removal, resignation or death, the end of the beneficiary's interest and the termination of the trust (Utah Code § 75B-2-1005).
По теме
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