If dad cuts mum out of the family home (to protect her from the ageing Lothario down the street), she and the kids can get together to rearrange things.
can band together and agree to the assets being distributed in a manner completely different from the way the deceased wanted – so much for testamentary freedom.
Among other ways, a trust can be brought to an end through the agreement of the beneficiaries. There are certain preconditions to the beneficiaries dissolving a trust, including that all the beneficiaries are adults , have full legal capacity and all agree to the decision. After his death, dad’s worst fears comes to pass and mum is profoundly unhappy with her life estate. She suggests to the kids that she’ll give up the life estate that will allow the early sale of the property if she can have a quarter of the sale price. Mum gets a load of cash and the kids get their money much earlier.The beneficiaries agreeing to dissolve the trust;Trust documents recording what’s occurred.
It’s worth considering for a moment the capital gains tax implications of all this, as there generally are some.
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