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.
Wyoming Agreement Among Beneficiaries to Terminate Trust is a legal document that governs the termination of a trust in the state of Wyoming. This agreement is entered into by the beneficiaries of the trust, who collectively agree to terminate the trust and distribute its assets accordingly. The purpose of this agreement is to provide a framework for the beneficiaries to come to a mutual understanding and consensus on the termination of the trust. It outlines the terms and conditions under which the trust will be terminated, including the distribution of assets, the appointment of a trustee to oversee the termination process, and any additional provisions agreed upon by the beneficiaries. One type of Wyoming Agreement Among Beneficiaries to Terminate Trust is the "Revocable Trust Termination Agreement." This agreement is used when the trust creator had established a revocable trust and now wishes to terminate it. The beneficiaries are involved in this agreement to decide and formalize the distribution of the trust assets after its termination. Another type of Wyoming Agreement Among Beneficiaries to Terminate Trust is the "Irrevocable Trust Termination Agreement." Unlike the revocable trust, an irrevocable trust cannot be easily terminated or modified. Therefore, the beneficiaries must come to an agreement through this document to terminate the trust, settle any outstanding obligations, and distribute the remaining assets. The Wyoming Agreement Among Beneficiaries to Terminate Trust typically includes the following key elements: 1. Introduction: This section provides an overview of the agreement, including the names of the beneficiaries and the purpose of the agreement. 2. Termination Process: This section outlines the steps to be followed for the termination of the trust, including the appointment of a trustee to oversee the process, the timeline for completion, and any required legal procedures. 3. Distribution of Assets: This section specifies how the trust assets will be distributed among the beneficiaries. It may include details such as the allocation of specific assets or the division of funds based on percentages or proportions. 4. Outstanding Obligations: If there are any outstanding obligations or liabilities associated with the trust, this section addresses how they will be settled before the termination. 5. Additional Provisions: Beneficiaries may include additional provisions in the agreement, such as instructions for tax filings, the transfer of specific assets, or any conditions they consider necessary for the termination process. In conclusion, the Wyoming Agreement Among Beneficiaries to Terminate Trust is a crucial legal document that allows beneficiaries to collectively terminate a trust and distribute its assets according to their agreement. Whether it is a revocable or irrevocable trust, this agreement ensures a transparent and orderly termination process for all parties involved.
