Winding up a discretionary trust
My father died recently, and after all the funeral bills etc there is about £1500 left which goes into a discretionary trust. I'm a trustee of the discretionary trust and my sibilings are beneficiaries, and the trust runs until a deed is drawn up to close it. As there is so little money involved we just want to distribute the money and wind the trust up.
Can anyone advise on what is needed to wind the trust up? If we just distribute the money leaving nothing then what is the practical difference between having a deed to say it's wound up and not having a deed?
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