Trusts are a contract between a trustee (the person charged with managing the trust and its assets) and a grantor (the trust creator and person placing assets into the trust, also known as the trust maker or settlor) and are governed by each state enacting laws regarding trusts operating within their borders. Let’s look at how two states (Colorado and Arizona) handle potential changes to how a trust can be managed or even terminated. However, because every state has different laws in place regarding this question, if a trustee is considering a trust modification or termination, they should seek legal guidance to discuss their individual facts and circumstances.

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