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.
Massachusetts Agreement Among Beneficiaries to Terminate Trust is a legal document that allows beneficiaries of a trust in Massachusetts to come to an agreement to terminate the trust. This agreement is entered into when all the beneficiaries of the trust collectively decide that the trust is no longer necessary or beneficial. In Massachusetts, there are two main types of Agreement Among Beneficiaries to Terminate Trust: 1. Voluntary Termination: This type of agreement is reached when all the beneficiaries voluntarily decide to terminate the trust. They may have various reasons for wanting to terminate the trust, such as if the trust's purpose has been fulfilled, or if the beneficiaries believe that keeping the trust may no longer serve their best interests. This agreement typically requires the unanimous consent of all beneficiaries involved in order for the termination to be valid. 2. Court-Ordered Termination: In some cases, beneficiaries may need to seek court intervention to terminate a trust. This could occur if there is a dispute or disagreement among the beneficiaries regarding the termination, or if there are legal complexities involved. The court will review the trust agreement and consider the arguments made by the beneficiaries before deciding whether to grant the termination request. Keywords: Massachusetts, agreement, beneficiaries, terminate trust, legal document, voluntary termination, court-ordered termination, trust agreement.Massachusetts Agreement Among Beneficiaries to Terminate Trust is a legal document that allows beneficiaries of a trust in Massachusetts to come to an agreement to terminate the trust. This agreement is entered into when all the beneficiaries of the trust collectively decide that the trust is no longer necessary or beneficial. In Massachusetts, there are two main types of Agreement Among Beneficiaries to Terminate Trust: 1. Voluntary Termination: This type of agreement is reached when all the beneficiaries voluntarily decide to terminate the trust. They may have various reasons for wanting to terminate the trust, such as if the trust's purpose has been fulfilled, or if the beneficiaries believe that keeping the trust may no longer serve their best interests. This agreement typically requires the unanimous consent of all beneficiaries involved in order for the termination to be valid. 2. Court-Ordered Termination: In some cases, beneficiaries may need to seek court intervention to terminate a trust. This could occur if there is a dispute or disagreement among the beneficiaries regarding the termination, or if there are legal complexities involved. The court will review the trust agreement and consider the arguments made by the beneficiaries before deciding whether to grant the termination request. Keywords: Massachusetts, agreement, beneficiaries, terminate trust, legal document, voluntary termination, court-ordered termination, trust agreement.
