How to Wrap Up a Trust in Michigan

Our firm assists clients as trustees in administering Michigan Trusts. Some tips for wraping up a trust include the following

1. Carefully and accurately read the terms of the trust agreement, as well as the powers and limitations of the trustee’s power.
2. File final tax returns.
3. Determine the shares for the beneficiaries and heirs after any expenses.
4. Prepare any conveyances or liquidate the assets.
5. Distribute assets and obtain receipts from the beneficiaries and releases and indemnifications when appropriate.
6. Prepare the final report and provide it to any interested persons.
7. Get court approval of the final report when it’s appropriate.

If you have any questions or want more information, contact me at (248)-865-4700.

Posted by | Permalink | Email This Post | Comments (0)