termination of trust

  

Definition

A trust is automatically terminated when its purpose is fulfilled or when the purpose becomes illegal, impossible, impractical, or contrary to public policy. The trustor cannot revoke a trust unless it was created under duress, by mistake or fraud, or (under the US Practice of revocable trust) he or she has reserved the power to do so. In general, the beneficiaries of trust who all consent and have the full legal capacity (are of legal age and of sound mind) to act on their own behalf, can terminate a trust by forcing the trustees to convey the trust property to them provided the termination does not defeat the purpose of trust irrespective of the wishes of the trustees and/or the trustor.

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