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.
South Dakota Agreement Among Beneficiaries to Terminate Trust: A South Dakota Agreement Among Beneficiaries to Terminate Trust is a legal document designed to address the termination of a trust in South Dakota. This agreement allows beneficiaries to come to a mutual understanding and agreement regarding the termination of a trust, its assets, and distribution among the beneficiaries. In South Dakota, there are different types of agreements among beneficiaries to terminate a trust, including: 1. South Dakota Revocable Living Trust Termination Agreement: This agreement involves terminating a revocable living trust, commonly used for estate planning purposes. The beneficiaries can use this agreement to dissolve the trust and distribute its assets accordingly. 2. South Dakota Irrevocable Living Trust Termination Agreement: An irrevocable living trust termination agreement is used when the granter wishes to terminate an irrevocable trust in South Dakota. This agreement allows beneficiaries to formally dissolve the trust and distribute its assets as determined. 3. South Dakota Testamentary Trust Termination Agreement: If a trust is created under a will, known as a testamentary trust, beneficiaries can use this agreement to terminate the trust when specific conditions are met or when the beneficiaries unanimously agree to dissolve it. 4. South Dakota Charitable Trust Termination Agreement: In cases where a charitable trust is set up for a specific purpose, beneficiaries may use this agreement to terminate the trust. The agreement ensures that the trust's assets are distributed to the intended charitable organization or purposes as outlined in the trust. By executing a South Dakota Agreement Among Beneficiaries to Terminate Trust, beneficiaries can avoid potential conflicts and ensure a smooth termination process. It is essential to consult with a qualified attorney specializing in trust law to draft an appropriate agreement that adheres to South Dakota laws and protects the beneficiaries' interests.
