Повний текст цього посібника англійською; короткий виклад вище — вашою мовою. Виклади законів і англійський текст залишаються джерелом запису.
Closing · 7 хв читання
How a trust ends
Est. & Trusts § 14.5-409(a) provides that a trust terminates to the extent it is revoked or expires under its terms, or its purposes have become unlawful, contrary to public policy or impossible to achieve. A noncharitable irrevocable trust may also be terminated on the consent of the trustee and all beneficiaries where the court concludes that continuing it is not necessary to achieve any material purpose (Est. & Trusts § 14.5-410(a)(1)), and the court may modify or terminate a trust because of circumstances the settlor did not anticipate (Est. & Trusts § 14.5-411).
The distribution, and the proposal
On an event terminating or partially terminating the trust, the trustee proceeds expeditiously to distribute the property to those entitled, with a reasonable reserve for debts, expenses and taxes (Est. & Trusts § 14.5-817(b)). The trustee may send the beneficiaries a proposal for distribution; a beneficiary's right to object ends 60 days after it was sent, if it informed the beneficiary of the right and the time (§ 14.5-817(a)).
A small trust
A trustee may terminate a trust without a court order where its fair market value on its last anniversary date was $100,000 or less (Est. & Trusts § 14.5-412(b)). The notice goes to each cotrustee and qualified beneficiary, personally delivered or by certified mail, return receipt requested, with the contents the statute lists — among them that the termination is effective at least 90 days after every recipient received it, the reasons, the approximate distributions and the right to object (§ 14.5-412(c)). A written objection within 60 days after receipt stops the termination unless withdrawn within 90 days after receipt (§ 14.5-412(d), (e)); the statute sets the distribution where the qualified beneficiaries do not unanimously agree on one (§ 14.5-412(f)).
The release, and after the trust ends
On a termination, the trustee may use the optional release procedure: a report sent by first-class and certified mail, return receipt requested, with an accounting for the preceding five years, the property and fees still expected, and the statute's statements; an interested party who does not object in writing within 120 days after the mailing is deemed to have released the trustee and ratified the trustee's actions (Est. & Trusts § 14.5-907(c), (d)). A release induced by the trustee's improper conduct, or given without knowledge of the beneficiary's rights or the material facts, does not protect the trustee (§ 14.5-907(b)).
The trust files its final federal fiduciary income tax return, and a resident fiduciary its Maryland return (Tax-Gen. § 10-101); whether a final return or a release fits a particular trust is a question for a licensed Maryland attorney and a tax professional of your choosing.
Закони, дослівно
Termination; proceedings
Est. & Trusts § 14.5-409 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Termination of a small trust
Est. & Trusts § 14.5-412 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Distribution on termination
Est. & Trusts § 14.5-817 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Beneficiary's consent, release or ratification; release procedure
Est. & Trusts § 14.5-907 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Поширені запитання
How long do Maryland beneficiaries have to object to a final distribution?
Sixty days after a proposal for distribution that informed them of the right to object and the time allowed (Est. & Trusts § 14.5-817(a)).
Does a Maryland trustee get a release at the end?
A beneficiary may give one (Est. & Trusts § 14.5-907(b)), and the optional release procedure deems an interested party who does not object within 120 days after the report's mailing to have released the trustee (§ 14.5-907(c), (d)).
Can a Maryland trustee end a small trust without going to court?
Where the trust's fair market value on its last anniversary date was $100,000 or less, by the notice and objection procedure of Est. & Trusts § 14.5-412.
За темою
Навчальний центр — це загальна інформація про закони Меріленду, а не юридична консультація і не заміна пораді ліцензованого юриста Меріленду щодо ваших конкретних фактів. TrusteeClear — це програма, а не юридична фірма.