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 New Hampshire Agreement Among Beneficiaries to Terminate Trust is a legal document that outlines the process and conditions under which beneficiaries of a trust can come together and terminate the trust before its predetermined expiration date. This agreement is specific to the state of New Hampshire and ensures that all beneficiaries have the same understanding and consent regarding trust termination. Keywords: New Hampshire, Agreement Among Beneficiaries, Terminate Trust, legal document, beneficiaries, trust termination. Different types of New Hampshire Agreement Among Beneficiaries to Terminate Trust: 1. Irrevocable Trust Termination Agreement: This type of agreement is used when the trust was initially created as an irrevocable trust, meaning it cannot be changed or revoked without the unanimous consent of the beneficiaries. This agreement lays out the terms and conditions for terminating such a trust in New Hampshire. 2. Revocable Trust Termination Agreement: In contrast to an irrevocable trust, a revocable trust can be modified or terminated by the granter or beneficiaries during their lifetime. This type of New Hampshire Agreement Among Beneficiaries to Terminate Trust addresses the specific requirements and steps to be taken in order to terminate a revocable trust in the state. 3. Contested Trust Termination Agreement: Occasionally, terminating a trust can become a contentious matter, resulting in disagreements among beneficiaries. A New Hampshire Agreement Among Beneficiaries to Terminate Trust can help resolve disputes by establishing a framework for negotiations and ensuring that all parties involved have their interests represented. 4. Simplified Trust Termination Agreement: This type of agreement is used when all beneficiaries are in agreement with terminating the trust and there are no complex legal or financial issues to address. The simplified New Hampshire Agreement Among Beneficiaries to Terminate Trust provides a straightforward process for terminating the trust quickly and efficiently. It is important to consult with a qualified attorney in New Hampshire to ensure that the specific requirements, laws, and regulations of the state are met when drafting and executing any Agreement Among Beneficiaries to Terminate Trust.
