A Trustee winds up a Trust by:
- making a Declaration (in writing) that the Trust is to vest (that is the Trust ends and the Trust assets be distributed to the Beneficiaries);
- collecting in all of the Trust assets and converting them into cash (unless the Trustee proposes to make an in specie distribution);
- all debts of the Trust must be paid and all tax must be paid;
- if the Trust is a Family Trust, the Trustee must exercise a discretion and determine who among all the Beneficiaries is to receive the Trust assets;
- the assets (or cash) are then distributed;
- notice is then given to the Taxation Department that the Trust has ceased to exist.
