Unless the continuation of a trust is necessary to carry out a material purpose of the trust (such as tax benefits), the trust may be terminated by agreement of all the beneficiaries if none of them is mentally incompetent or underage (e.g., under 21 in some states). However, termination generally cannot take place when it is contrary to the clearly expressed intention of the trustor. In the absence of a provision in a trust instrument giving the trustee power to terminate the trust, a trustee generally has no control over the continuance of the trust.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Maricopa, Arizona Agreement Among Beneficiaries to Terminate Trust: The Maricopa, Arizona Agreement Among Beneficiaries to Terminate Trust is a legal document that outlines the termination process of a trust in Maricopa, Arizona. This agreement is entered into by the beneficiaries of the trust with the goal of mutually agreeing upon the termination and distribution of trust assets. In Maricopa, Arizona, there are various types of Agreement Among Beneficiaries to Terminate Trust, each catering to specific circumstances. Some common types include: 1. Revocable Trust Termination Agreement: This type of agreement is used when the trust creator (settler) has established a revocable trust and wishes to terminate it. The beneficiaries of the trust come together to agree upon the termination process, including the distribution of assets among themselves. 2. Irrevocable Trust Termination Agreement: An irrevocable trust is one in which the settler cannot modify or terminate the trust without the consent of the beneficiaries. In Maricopa, Arizona, an Agreement Among Beneficiaries to Terminate an Irrevocable Trust is used when all beneficiaries unanimously agree to terminate the trust. This agreement outlines the procedures for termination and the equitable distribution of trust assets among the beneficiaries. 3. Charitable Trust Termination Agreement: A charitable trust is established for a charitable purpose or to benefit a charitable organization. In Maricopa, Arizona, a specific type of Agreement Among Beneficiaries to Terminate a Charitable Trust is used when the beneficiaries, who are typically representatives of the charitable organization, reach a consensus to terminate the trust. The agreement delineates the necessary steps and resolution regarding the remaining trust assets. 4. Testamentary Trust Termination Agreement: A testamentary trust is created through a will, and its termination requires the beneficiaries to enter into an Agreement Among Beneficiaries. This type of agreement aims to outline the process of terminating the trust and distributing the remaining assets as specified in the will. In all types of Maricopa, Arizona Agreement Among Beneficiaries to Terminate Trust, the document should include essential information such as the names and contact details of the beneficiaries, details about the trust, its termination date, and the procedure for asset distribution. Additionally, the agreement may specify any conditions or requirements that need to be met for the termination to be valid. It is important to note that the information provided is a general overview, and seeking professional legal advice from a qualified attorney is crucial when engaging in any legal matters related to the termination of trusts in Maricopa, Arizona.Maricopa, Arizona Agreement Among Beneficiaries to Terminate Trust: The Maricopa, Arizona Agreement Among Beneficiaries to Terminate Trust is a legal document that outlines the termination process of a trust in Maricopa, Arizona. This agreement is entered into by the beneficiaries of the trust with the goal of mutually agreeing upon the termination and distribution of trust assets. In Maricopa, Arizona, there are various types of Agreement Among Beneficiaries to Terminate Trust, each catering to specific circumstances. Some common types include: 1. Revocable Trust Termination Agreement: This type of agreement is used when the trust creator (settler) has established a revocable trust and wishes to terminate it. The beneficiaries of the trust come together to agree upon the termination process, including the distribution of assets among themselves. 2. Irrevocable Trust Termination Agreement: An irrevocable trust is one in which the settler cannot modify or terminate the trust without the consent of the beneficiaries. In Maricopa, Arizona, an Agreement Among Beneficiaries to Terminate an Irrevocable Trust is used when all beneficiaries unanimously agree to terminate the trust. This agreement outlines the procedures for termination and the equitable distribution of trust assets among the beneficiaries. 3. Charitable Trust Termination Agreement: A charitable trust is established for a charitable purpose or to benefit a charitable organization. In Maricopa, Arizona, a specific type of Agreement Among Beneficiaries to Terminate a Charitable Trust is used when the beneficiaries, who are typically representatives of the charitable organization, reach a consensus to terminate the trust. The agreement delineates the necessary steps and resolution regarding the remaining trust assets. 4. Testamentary Trust Termination Agreement: A testamentary trust is created through a will, and its termination requires the beneficiaries to enter into an Agreement Among Beneficiaries. This type of agreement aims to outline the process of terminating the trust and distributing the remaining assets as specified in the will. In all types of Maricopa, Arizona Agreement Among Beneficiaries to Terminate Trust, the document should include essential information such as the names and contact details of the beneficiaries, details about the trust, its termination date, and the procedure for asset distribution. Additionally, the agreement may specify any conditions or requirements that need to be met for the termination to be valid. It is important to note that the information provided is a general overview, and seeking professional legal advice from a qualified attorney is crucial when engaging in any legal matters related to the termination of trusts in Maricopa, Arizona.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
