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.
The Suffolk New York Agreement Among Beneficiaries to Terminate Trust is a legally binding document that outlines the process and terms of terminating a trust in Suffolk County, New York. This agreement can be entered into by multiple beneficiaries of the trust who mutually agree to terminate it. There are different types of Suffolk New York Agreements Among Beneficiaries to Terminate Trust, depending on the specific circumstances and conditions of the trust. Some common variations include: 1. Revocable Living Trust Termination Agreement: This type of agreement is used when the trust was initially created as a revocable living trust, which means the granter (trust creator) had the ability to revoke or modify it during their lifetime. The beneficiaries collectively agree to terminate the trust and distribute the trust assets accordingly. 2. Irrevocable Trust Termination Agreement: An irrevocable trust termination agreement is utilized when the trust was established as an irrevocable trust, meaning the granter relinquished their control and ability to modify or revoke the trust. The beneficiaries must reach a mutual decision to terminate the trust and divide the assets as per the trust terms. 3. Charitable Trust Termination Agreement: If the trust in question is a charitable trust, where the beneficiaries are charitable organizations or causes, a specific charitable trust termination agreement is employed. This agreement ensures all parties involved agree on the termination, distribution, and usage of remaining trust assets for charitable purposes. 4. Testamentary Trust Termination Agreement: In the case of a testamentary trust, which is created upon the granter's death according to their will, the beneficiaries may need to enter into a testamentary trust termination agreement. This agreement stipulates the beneficiaries' consent to terminate the trust, settle any outstanding obligations, and distribute the trust assets. It is important to note that the specific terms and provisions of each Suffolk New York Agreement Among Beneficiaries to Terminate Trust can vary depending on the unique circumstances and requirements of the trust. Consulting with a qualified attorney is crucial to ensure compliance with applicable New York laws and to customize the agreement to suit the beneficiaries' needs and intentions.The Suffolk New York Agreement Among Beneficiaries to Terminate Trust is a legally binding document that outlines the process and terms of terminating a trust in Suffolk County, New York. This agreement can be entered into by multiple beneficiaries of the trust who mutually agree to terminate it. There are different types of Suffolk New York Agreements Among Beneficiaries to Terminate Trust, depending on the specific circumstances and conditions of the trust. Some common variations include: 1. Revocable Living Trust Termination Agreement: This type of agreement is used when the trust was initially created as a revocable living trust, which means the granter (trust creator) had the ability to revoke or modify it during their lifetime. The beneficiaries collectively agree to terminate the trust and distribute the trust assets accordingly. 2. Irrevocable Trust Termination Agreement: An irrevocable trust termination agreement is utilized when the trust was established as an irrevocable trust, meaning the granter relinquished their control and ability to modify or revoke the trust. The beneficiaries must reach a mutual decision to terminate the trust and divide the assets as per the trust terms. 3. Charitable Trust Termination Agreement: If the trust in question is a charitable trust, where the beneficiaries are charitable organizations or causes, a specific charitable trust termination agreement is employed. This agreement ensures all parties involved agree on the termination, distribution, and usage of remaining trust assets for charitable purposes. 4. Testamentary Trust Termination Agreement: In the case of a testamentary trust, which is created upon the granter's death according to their will, the beneficiaries may need to enter into a testamentary trust termination agreement. This agreement stipulates the beneficiaries' consent to terminate the trust, settle any outstanding obligations, and distribute the trust assets. It is important to note that the specific terms and provisions of each Suffolk New York Agreement Among Beneficiaries to Terminate Trust can vary depending on the unique circumstances and requirements of the trust. Consulting with a qualified attorney is crucial to ensure compliance with applicable New York laws and to customize the agreement to suit the beneficiaries' needs and intentions.
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.
