MODIFICATION AND TERMINATION

Question 1

Termination of Trust by Settlor

Answer 1

A trust will be irrecoverable unless the trust expressly provides that the settlor can revoke or amend trust.

Settlor may terminate a irrevocable only with consent of all living beneficiaries

Question 2

Termination of Trust by Merger

Answer 2

If a sole trustee becomes the sole beneficiaries the trust terminates and he becomes the owner of the trust assets

Question 3

Termination by Operation of Law

Answer 3

A trust is terminated as a matter of law where:

1. The trust property has been consumed, destroyed or lost OR
2. Trust purposes have been fully accomplished OR
3. Accomplishment of the material purposes of the trust have become illegal, impossible or impractical