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JustAnswerKM
JustAnswerKM, Solicitor
Category: Law
Satisfied Customers: 42
Experience:  Court of Protection, civil litigation, divorce and inheritance
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My wife and i set up a trust 10 years ago. Now find it no longer

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my wife and i set up a trust 10 years ago. Now find it no longer suitable. Can WE cancel by contacting Solicitor, and would their be a charge?
Submitted: 1 year ago.
Category: Law
Expert:  JustAnswerKM replied 1 year ago.
Good eveningThank you for your message, I will do my best to help.The answer in short as to whether you can cancel the Trust depends on whether the Trust instrument (document) permits you both as Settlors to cancel (also known as 'revoke') the Trust. Check the document for a revocation clause. In respect of costs, yes there is likely to be a cost, please see below.If the Trust is revocable, then you can simply instruct a Solicitor to prepare the necessary legal document (similar to a declaration) for both of you to sign confirming revocation of the Trust. You will have to shop around to find out about the cost of drawing up the document. I suspect a cost between £300 and £500 depending on the complexity of the Trust.However if the Trust is irrevocable, you will need the Court's permission to cancel the Trust. The cost of Court proceedings will depend on the Solicitor's hourly rate. The Solicitor will be able to give you a more accurate time frame and estimation of costs.I hope that helps. Best of luck,Kind regards Krystel*Please rate my answer so I can be credited for it.
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Expert:  JustAnswerKM replied 1 year ago.
Thank you for your rating