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.
Wisconsin Agreement Among Beneficiaries to Terminate Trust is a legal document that outlines the process and conditions for the termination of a trust in the state of Wisconsin. This agreement involves all the beneficiaries of the trust who collectively agree to dissolve the trust and distribute its assets. The Wisconsin Agreement Among Beneficiaries to Terminate Trust serves as a binding contract that establishes the terms and conditions for the termination. It ensures that all beneficiaries are in agreement about the decision and protects their interests throughout the process. This agreement is often used when beneficiaries feel that the trust no longer serves its intended purpose or when circumstances have changed, making the trust unnecessary or burdensome. Key terms and keywords related to the Wisconsin Agreement Among Beneficiaries to Terminate Trust: 1. Trust termination: The process of dissolving a trust and distributing its assets to beneficiaries. 2. Beneficiaries: Individuals or entities who are designated to receive the benefits or assets of a trust. 3. Trust agreement: The initial legal document that establishes the trust and outlines its provisions. 4. Trust assets: Property, funds, or other assets held within the trust. 5. Trustee: The person or entity responsible for managing the trust and its assets. 6. Asset distribution: The process of dividing and allocating the trust assets among the beneficiaries. 7. Trust amendment: A document that modifies or alters the provisions of a trust agreement. 8. Revocable trust: A trust that can be modified or terminated during the lifetime of the trust creator (settler). 9. Irrevocable trust: A trust that cannot be modified or terminated without the consent of beneficiaries or a court order. 10. Trust dissolution: The legal action of terminating a trust and winding up its affairs. Types of Wisconsin Agreement Among Beneficiaries to Terminate Trust: 1. Revocable Trust Termination Agreement: This type of agreement is used when the trust being terminated is revocable, meaning the creator (settler) has the power to modify or revoke the trust during their lifetime. 2. Irrevocable Trust Termination Agreement: When an irrevocable trust is to be terminated, an agreement is needed to ensure the consent of all beneficiaries or obtain a court order for termination. 3. Partial Trust Termination Agreement: In some cases, beneficiaries may only wish to terminate a portion of the trust while keeping the rest intact. This agreement establishes the terms and conditions for the partial termination and asset distribution. 4. Contingent Beneficiary Agreement: When a trust includes contingent beneficiaries who will receive the assets only under specific circumstances or upon the occurrence of certain events, an agreement among the contingent beneficiaries may be necessary to terminate the trust. In summary, a Wisconsin Agreement Among Beneficiaries to Terminate Trust is a legally binding document that outlines the termination process and conditions for a trust in Wisconsin. It ensures the agreement of all beneficiaries and provides a framework for the distribution of trust assets. Different types of agreements exist depending on the nature of the trust being terminated, such as revocable or irrevocable trusts, partial termination agreements, or agreements among contingent beneficiaries.
