I'd like to find out how can an intervivo trust can be dissolved. Basically there are 3 partners and 2 mortgaged properties in in it. One partner can't get credit to transfer one of the properties in his name, the others want to get out of the trust. What is the best way for this to be done, any ideas and recommendations on an attorney?
Thank you
---There is no traffic at the extra mile---
Hi Nickolai
The trust might have an accountant specified in the trust deed. If so, he should be able to sort it out. If not, I would suggest that you contract a chartered accountant to attend to it. There are more than a few legal aspects, as well as accounting and taxation to consider and most CA's are able to deal with them all, and if he can't he will consult an attorney.
Up front though, bear in mind that the prime duty of trustees is to manage the trust in the best interests of the beneficiaries (all of them) and before embarking on such an exercise be sure that this is indeed the case.
It's not clear whether the people you are referring to are trustees or beneficiaries or both. In both cases their exit would require amending the trust deed before any disposal of assets should take place. Given that there are mortgages involved and that trustees would have signed sureties you can envisage that this is not a quick and easy exercise.
Nickolai Naydenov (22-Apr-14)
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