Legal Question in Wills and Trusts in Florida

Procedure to close a Trust

My Dad who passed away a few years ago set up a Qtip Trust that provided for his 2nd wife to receive Bond interest during her lifetime. Upon her death, the principle (Bonds) were to pass to my brother and me. Earlier this year, my stepmother passed away and I'd like to know what's involved in closing the Trust. Is it just a matter of advising the bond custodian to forward the bonds and file a final Tax Return, or is there more involved?


Asked on 5/31/02, 5:29 pm

1 Answer from Attorneys
Sanford Martin Martin Law Office

Re: Procedure to close a Trust

In a typical Qtip trust, upon the death of the person for whom the trust was created, the principal is distributed according to the terms of the trust. Fiduciary responsibilities such as tax returns, payment of creditors, if any, notice to beneficiaries, collection of receivables, and dissolution of the trust, must be completed. As beneficiary, you should contact the fiduciary, trustee or trustee bank and request an accounting and distribution or a schedule of when such actions which will occur.

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Answered on 5/31/02, 6:42 pm


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