Over at the North Carolina Estate Planning Blog , Greg Herman-Giddens has a good post on "5 Legal Tips for Peace of Mind" . This post covers some basic legal issues to be aware of to "get your house in order". While there are many other things that I could add to the list, this is a good basic foundation.
Showing posts from September, 2008
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A common question that I get asked is about "breaking a trust". By breaking a trust, someone typically means doing away with a trust for some reason or changing its terms. Is it hard to do? Can it be done? Yes, it certainly can be done. The difficulty of doing so depends on the circumstances. Terminating or Modifying a Trust in Iowa The general background is that a trust will run its course until its objectives are reached. However, there are situations which may be applicable that affect the trust. Under the Iowa Trust Code, which is still relatively new and untested in Iowa, there are several statutory options that are available for consideration. Terminating a Small Trust in Iowa If the amount of the trust is relatively low and incurring costs in its administration, it is possible to terminate the trust and distribute the assets to the beneficiaries, even if the trust terms provide for the trust to continue into the future. A court would need to approve such a te