Maryland Reference Trust Agreement is a legal document that establishes a contractual relationship between Prudential Securities Incorporated and The Chase Manhattan Bank. This agreement outlines the terms and conditions under which the two entities engage in a trust relationship. The specific details of the agreement may vary based on the type of Maryland Reference Trust Agreement being formed, such as: 1. Maryland Reference Revocable Trust Agreement: This type of trust agreement allows the person creating the trust, known as the granter, to retain control over the assets placed in the trust while providing the trustee with instructions on how to manage and distribute those assets. The trust may be modified or revoked by the granter at any time during their lifetime. 2. Maryland Reference Irrevocable Trust Agreement: In contrast to the revocable trust agreement, an irrevocable trust agreement cannot be altered or revoked once it is established, except under specific circumstances outlined in the agreement. This type of trust typically offers potential tax benefits and asset protection for the granter. 3. Maryland Reference Testamentary Trust Agreement: A testamentary trust agreement is created to take effect upon the granter's death, as stated in their will. Once the granter passes away, the trust is funded with assets from their estate and is managed according to the terms specified in the testamentary trust agreement. These types of Maryland Reference Trust Agreements are designed to secure the assets and financial interests of the granter for various purposes, such as estate planning, asset protection, and efficient wealth management. Prudential Securities Incorporated acts as the trustee, responsible for managing the trust assets in accordance with the terms defined in the agreement. The Chase Manhattan Bank serves as the custodian of the trust's assets, ensuring their safekeeping and appropriate administration. It is essential for both parties to review and understand the agreement carefully, as it governs the legal rights and obligations of all parties involved.
Maryland Reference Trust Agreement is a legal document that establishes a contractual relationship between Prudential Securities Incorporated and The Chase Manhattan Bank. This agreement outlines the terms and conditions under which the two entities engage in a trust relationship. The specific details of the agreement may vary based on the type of Maryland Reference Trust Agreement being formed, such as: 1. Maryland Reference Revocable Trust Agreement: This type of trust agreement allows the person creating the trust, known as the granter, to retain control over the assets placed in the trust while providing the trustee with instructions on how to manage and distribute those assets. The trust may be modified or revoked by the granter at any time during their lifetime. 2. Maryland Reference Irrevocable Trust Agreement: In contrast to the revocable trust agreement, an irrevocable trust agreement cannot be altered or revoked once it is established, except under specific circumstances outlined in the agreement. This type of trust typically offers potential tax benefits and asset protection for the granter. 3. Maryland Reference Testamentary Trust Agreement: A testamentary trust agreement is created to take effect upon the granter's death, as stated in their will. Once the granter passes away, the trust is funded with assets from their estate and is managed according to the terms specified in the testamentary trust agreement. These types of Maryland Reference Trust Agreements are designed to secure the assets and financial interests of the granter for various purposes, such as estate planning, asset protection, and efficient wealth management. Prudential Securities Incorporated acts as the trustee, responsible for managing the trust assets in accordance with the terms defined in the agreement. The Chase Manhattan Bank serves as the custodian of the trust's assets, ensuring their safekeeping and appropriate administration. It is essential for both parties to review and understand the agreement carefully, as it governs the legal rights and obligations of all parties involved.
