Trusts & Estates Law/trust (irrevocable )

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Question
my wife and i went into an irrevocable trust about 5 years ago we live in new york.my son and daughter were made the trustees. what is the procedure for getting out of the trust if my son and daughter both agree on this. will it be a lengthy or costly process to do so?

Answer
Have an attorney write a letter of cancel the trust. In this letter the trustees will sign off on this, and can be done. If the trustees agree, then a simple letter to this effect to rescind the trust. Journal the assets out of title, and you are finished.  

Trusts & Estates Law

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Dr. Joseph de Beauchamp

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I am an MBA professor and have published in this area. I am able to help individuals and companies in the transfer process.

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2000 public companies

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