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 Hennepin Minnesota Agreement Among Beneficiaries to Terminate Trust is a legal document that outlines the process and conditions for terminating a trust in the Hennepin County, Minnesota jurisdiction. This agreement is entered into by all the beneficiaries of the trust and plays a crucial role in the termination process. Key Terms: 1. Hennepin County: Refers to the county in the state of Minnesota where the trust is located. Hennepin County is the most populous county in Minnesota and encompasses the city of Minneapolis. 2. Agreement Among Beneficiaries: This signifies that all beneficiaries of the trust must mutually agree to terminate the trust. The agreement is legally binding and requires the consent of all parties involved. 3. Termination of Trust: Describes the process of bringing the trust to an end and distributing its assets to the beneficiaries. This can occur due to various reasons, such as fulfilling the trust's purpose or reaching its expiration date. Types of Hennepin Minnesota Agreements Among Beneficiaries to Terminate Trust: 1. Revocable Living Trust Termination: This type of agreement is used when a revocable living trust, which was created during the granter's lifetime, is to be terminated. The beneficiaries reach an agreement to dissolve the trust and distribute the assets according to the trustee's instructions. 2. Testamentary Trust Termination: In this case, the trust is terminated after the death of the granter. The beneficiaries come together to finalize the distribution of assets and close the trust based on legal requirements and the terms outlined in the testamentary trust document. 3. Minor's Trust Termination: When a trust is established for the benefit of a minor, an agreement among the beneficiaries may be required to terminate the trust once the minor reaches a certain age or when specific conditions are met. 4. Charitable Trust Termination: Charitable trusts, which are established for philanthropic purposes, may also require an agreement among the beneficiaries to terminate the trust. This agreement ensures that the trust's assets are distributed to the designated charitable organizations as stated in the trust document. In conclusion, the Hennepin Minnesota Agreement Among Beneficiaries to Terminate Trust is a legally binding document that outlines the terms and conditions for terminating various types of trusts in Hennepin County, Minnesota. It ensures that the beneficiaries are in agreement regarding the termination and distribution of trust assets, while adhering to the specific legal requirements applicable to each type of trust.The Hennepin Minnesota Agreement Among Beneficiaries to Terminate Trust is a legal document that outlines the process and conditions for terminating a trust in the Hennepin County, Minnesota jurisdiction. This agreement is entered into by all the beneficiaries of the trust and plays a crucial role in the termination process. Key Terms: 1. Hennepin County: Refers to the county in the state of Minnesota where the trust is located. Hennepin County is the most populous county in Minnesota and encompasses the city of Minneapolis. 2. Agreement Among Beneficiaries: This signifies that all beneficiaries of the trust must mutually agree to terminate the trust. The agreement is legally binding and requires the consent of all parties involved. 3. Termination of Trust: Describes the process of bringing the trust to an end and distributing its assets to the beneficiaries. This can occur due to various reasons, such as fulfilling the trust's purpose or reaching its expiration date. Types of Hennepin Minnesota Agreements Among Beneficiaries to Terminate Trust: 1. Revocable Living Trust Termination: This type of agreement is used when a revocable living trust, which was created during the granter's lifetime, is to be terminated. The beneficiaries reach an agreement to dissolve the trust and distribute the assets according to the trustee's instructions. 2. Testamentary Trust Termination: In this case, the trust is terminated after the death of the granter. The beneficiaries come together to finalize the distribution of assets and close the trust based on legal requirements and the terms outlined in the testamentary trust document. 3. Minor's Trust Termination: When a trust is established for the benefit of a minor, an agreement among the beneficiaries may be required to terminate the trust once the minor reaches a certain age or when specific conditions are met. 4. Charitable Trust Termination: Charitable trusts, which are established for philanthropic purposes, may also require an agreement among the beneficiaries to terminate the trust. This agreement ensures that the trust's assets are distributed to the designated charitable organizations as stated in the trust document. In conclusion, the Hennepin Minnesota Agreement Among Beneficiaries to Terminate Trust is a legally binding document that outlines the terms and conditions for terminating various types of trusts in Hennepin County, Minnesota. It ensures that the beneficiaries are in agreement regarding the termination and distribution of trust assets, while adhering to the specific legal requirements applicable to each type of trust.
