Trusts made for asset protection and to distribute someone’s assets after their death do not go on indefinitely; they all end. Ohio law gives the trustee the right to distribute the assets of the trust to the beneficiary at his discretion. That is possible because the trustee is generally an individual who has the confidence of the grantor, or maker of the trust, and is appointed in the written trust.
Trusts can end in different ways. If the property or assets included no longer exists, the trust can be dissolved. For instance, a trust ends if the trustee has paid all cash or other financial assets to the beneficiary. A trust can also end if the property is destroyed. This might happen in the case of a natural disaster. Another way a trust might end is if the conditions or timeframes set by the grantor have been satisfied. Perhaps assets have been held in a trust for a beneficiary until he or she reaches legal age or marries. At that time, the assets are distributed to the beneficiary and the trust ends.
Trusts are beneficial means for grantors to distribute their estates the way they desire, and when a trust comes to an end, it is important to make certain the wishes of the grantor are followed. When grants end with assets still present, it is the duty of the trustee, along with the beneficiary, to distribute those assets. If the grantor left instructions in the trust document about how any remaining property or assets should be divided, the task is simplified. If there are no instructions, the trustee and the beneficiary can work together to come to an agreement.
An individual thinking of setting up a trust might want the guidance of a lawyer. An attorney could also help with estate planning in order to avoid having the client’s property go through the probate process.