Declaration of Trust

More facts are needed to really help give you guidance. Assuming that what you refer to as a “Declaration of Trust” is an irrevocable (can’t be changed) you have to have an estate attorney review the trust to determine if it in fact can be canceled. In many cases, although an irrevocable trust cannot be canceled, you can effectively accomplish the same thing. For example, if the money in the trust is paid out for appropriate purposes under the trust, you can wipe out the trust in that manner. Some trusts permit the trustee to terminate the trust if it is uneconomical to manage, or if the trust purpose is no longer relevant. Have an attorney familiar with the law in your state review the trust because if there are items the trust is silent about, state law may provide some guidance.