My parents had a family trust set up in the 1990s to protect the family home, they both passed away last month 10 days

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Customer: Hi my parents had a family trust set up in the 1990s to protect the family home, they both passed away last month 10 days apart and my sister and I are the only remaining trustees, solicitor has said we might have to bring in an independent trustee to wind up the trust, my parents home was the only asset in the trust and it has now been sold, shouldn't we be able to close it now that it doesn't have anything in it?
JA: Estate laws vary by state. What state are you in?
Customer: Rangiora
JA: What documents or supporting evidence do you have?
Customer: The solicitor has the trust documents but there are no other assets apart from bank investments and they weren't part of the trust
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I don't think so
Answered by Chris The Lawyer in 54 mins 1 year ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi My name is ***** ***** I am a New Zealand lawyer with more than 42 years of experience. I am here to help with your questions.

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Chris The Lawyer, Expert

If the trust was for the benefit of you and your sister, and the trust is to be wound up, I don't see any need to appoint an independent trustee if you and your sister are willing to agree on what needs to be done. You haven't mentioned whether there were other children, but if you and your sister, and any other children if there are any, all agree, then you can just get the trust wound up by distribution by a resolution of the remaining trustees. The only exception might be if the trust deed requires that there must be 3 Trustees to make decisions. But that is not usually the case

Customer
Mum and Dad were the only trustees until Dad was removed in October due to dementia and my sister and I were added, there are no other siblings
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Chris The Lawyer, Expert

Subject to what I said about the trust deed requiring 3 trustees, you should be able to resolve as the remaining trustees to wind up and distribute the trust assets without appointing another trustee

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