[masraum]

Someone close to me is part of a trust. Their grandmother died and left everything to her 4 children (per stirpes). One of the children died before the grandmother, so the 2 children of that child each got a 1/8th interest in the estate. Part of the estate was a piece of property with some mineral resources. After the liquid assets were distributed, the land and income from the mineral rights was held in a trust and distributed twice a year. The land has since been sold, but the mineral rights were retained, so there is still a small amount of income twice a year.

2 of the remaining 3 children recently had a letter sent from a lawyer proposing this. (I'll summarize)

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no provision is made for the termination of the trust which violates the rule against perpetuities. If all of the beneficiaries of the trust agree to terminate the trust, then everyone will sign this document and the trust will be terminated.
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To me it sounds fine. My understanding is that after the termination, the income would go to each person individually and each of the folks involved would have to deal with the consequences of that income or any property taxes individually.

I don't see any problem with the proposal, but then I'm not a lawyer. I understand that it's probably difficult to impossible to give too much information without seeing the document and the proposal. I'm just looking for thoughts about if we should have a lawyer go over everything or if it sounds fishy or what.

Thanks