Arizona Reference Trust Agreement is a legally binding document between Prudential Securities Incorporated (Prudential) and The Chase Manhattan Bank (Chase) that outlines the terms and conditions governing the establishment and operation of a trust relationship. This agreement is created with the intention of managing and administering assets and investments on behalf of Prudential clients in the state of Arizona. In this Arizona Reference Trust Agreement, Prudential Securities Incorporated acts as the granter or settler, while The Chase Manhattan Bank assumes the role of the trustee. The trust provides a mechanism for Prudential to safeguard and grow client assets in accordance with specific investment objectives and guidelines. The main objective of this trust agreement is to ensure effective management and administration of the entrusted funds. Prudential Securities Incorporated entrusts The Chase Manhattan Bank with the fiduciary responsibility of managing the assets in accordance with the terms outlined in the agreement. This includes making investment decisions, distributing income, and executing other necessary actions to achieve the agreed-upon objectives. This Reference Trust Agreement offers several types of trusts that cater to varying client needs and investment goals. Some of these specific trust types include: 1. Revocable Trust: A trust that can be modified, revoked, or dissolved by the granter during their lifetime. Assets held in a revocable trust can bypass probate upon the granter's death. 2. Irrevocable Trust: A trust that cannot be modified, altered, or revoked without the consent of the beneficiaries. Assets placed in an irrevocable trust are typically shielded from estate taxes and may serve as a protective mechanism against creditors. 3. Testamentary Trust: A trust established through a will and comes into effect upon the granter's death. Testamentary trusts can provide for the management and distribution of assets to specific beneficiaries. 4. Charitable Trust: A trust created to benefit a charitable organization or cause. Assets transferred to a charitable trust may provide tax advantages for the granter. Regardless of the type of trust selected, Prudential Securities Incorporated and The Chase Manhattan Bank work collaboratively to ensure that the trust is administered in accordance with relevant laws and regulations. This agreement outlines the responsibilities, obligations, and rights of each party, thereby establishing a clear framework for the successful implementation and ongoing management of the Arizona Reference Trust Agreement.
Arizona Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank
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