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Dissolving a Charitable Irrevocable Trust
06-Jun-2023 (In Wills / Trusts Law)
Q1. Can a Charitable Irrevocable Trust with Land and Buildings vested in it be dissolved ?
Q2. If so how and in which circumstances ??
Q3. If dissolved, do the Trustees get a share of the Trust Assets ??
Indeed the Charitable Trust can be dissolved in cases where mala fide use of trust proceeds is observed. Bona fide trustees may claim their share in such trust. However, further and better particulars are needed in order to enable the delivery of an effective response.
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Adv. Tushar Kumar
Delhi | 200+ Answers
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Sir I have perused your query. Sir unlike a revocable trust, an irrevocable trust doesn't contain a clause that allows the trustor to dissolve the trust at will. However, a trustor might be able to terminate an irrevocable trust by following the state laws regarding dissolution. While laws vary by area, sone General requirements must be met in most states.
For further information feel free to contact me. Thank you
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Adv. Love Kumar Soni
Goa | 400+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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