Dynastic trusts from the days of the Great Depression are near expiration and planning is required, according to Wills, Trusts & Estates Prof Blog in "Preparing for Trust Termination."
Most of the trusts created at that time have mandatory termination dates at which time, the trust assets must be distributed to the residual beneficiaries.
The first challenge for many trusts and trustees will be determining the residual beneficiaries. In many cases they could be distant relations of the original trust settlors and not the same people who currently receive regular distributions from the trusts.
Once the beneficiaries are determined, they will need to plan for how receiving the trust assets, will impact their lives and financial futures. Depending on the amount of money received, the beneficiaries' tax and estate plans could change dramatically.
Those who do not plan appropriately, could face negative consequences that could have been avoided.
Trust beneficiaries should seek the advice of an experienced estate planning attorney to guide them during the administration and termination of any Trust.
Reference: Wills, Trusts & Estates Prof Blog (Dec. 5, 2016) "Preparing for Trust Termination."