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.
Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust is a legally binding document that allows beneficiaries of a trust located in Phoenix, Arizona, to come to a mutual agreement to terminate the trust. This agreement can be used in various situations where beneficiaries of a trust wish to dissolve it for specific reasons. When drafting a Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust, it is imperative to include specific keywords to ensure clarity and accuracy. Some relevant keywords to include in this document may be as follows: 1. Phoenix, Arizona: This keyword establishes the location where the trust is situated and ensures that the agreement abides by the jurisdiction's laws and regulations. 2. Agreement Among Beneficiaries: This phrase emphasizes that the document being discussed is an agreement between the beneficiaries of the trust and not between other parties involved. 3. Terminate Trust: These keywords highlight the primary purpose of the agreement — to bring an end to the trust legally and conclusively. There are various types of Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust, which depend on the specific circumstances of the trust and the beneficiaries' intentions. Here are a few examples: 1. Revocable Living Trust Termination Agreement Among Beneficiaries: This type of agreement is used when beneficiaries of a revocable living trust wish to terminate it, typically due to changed circumstances or a desire to distribute the trust assets among themselves. 2. Irrevocable Trust Termination Agreement Among Beneficiaries: This type of agreement is employed when beneficiaries of an irrevocable trust decide to terminate it willingly or due to certain predefined conditions being met, such as the expiration of a specified period or the accomplishment of a particular goal. 3. Testamentary Trust Termination Agreement Among Beneficiaries: This agreement is used for beneficiaries of a testamentary trust who wish to terminate it before the designated termination date, either by unanimous consent or by fulfilling specific requirements mentioned in the trust document. In conclusion, a Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust is a crucial legal document that allows beneficiaries of a trust located in Phoenix, Arizona, to mutually agree to dissolve the trust. We explored some relevant keywords and highlighted different types of these agreements, including revocable living trust termination agreements, irrevocable trust termination agreements, and testamentary trust termination agreements. It is essential to consult with a qualified legal professional to ensure accuracy and compliance with all applicable laws when creating such agreements.Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust is a legally binding document that allows beneficiaries of a trust located in Phoenix, Arizona, to come to a mutual agreement to terminate the trust. This agreement can be used in various situations where beneficiaries of a trust wish to dissolve it for specific reasons. When drafting a Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust, it is imperative to include specific keywords to ensure clarity and accuracy. Some relevant keywords to include in this document may be as follows: 1. Phoenix, Arizona: This keyword establishes the location where the trust is situated and ensures that the agreement abides by the jurisdiction's laws and regulations. 2. Agreement Among Beneficiaries: This phrase emphasizes that the document being discussed is an agreement between the beneficiaries of the trust and not between other parties involved. 3. Terminate Trust: These keywords highlight the primary purpose of the agreement — to bring an end to the trust legally and conclusively. There are various types of Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust, which depend on the specific circumstances of the trust and the beneficiaries' intentions. Here are a few examples: 1. Revocable Living Trust Termination Agreement Among Beneficiaries: This type of agreement is used when beneficiaries of a revocable living trust wish to terminate it, typically due to changed circumstances or a desire to distribute the trust assets among themselves. 2. Irrevocable Trust Termination Agreement Among Beneficiaries: This type of agreement is employed when beneficiaries of an irrevocable trust decide to terminate it willingly or due to certain predefined conditions being met, such as the expiration of a specified period or the accomplishment of a particular goal. 3. Testamentary Trust Termination Agreement Among Beneficiaries: This agreement is used for beneficiaries of a testamentary trust who wish to terminate it before the designated termination date, either by unanimous consent or by fulfilling specific requirements mentioned in the trust document. In conclusion, a Phoenix, Arizona Agreement Among Beneficiaries to Terminate Trust is a crucial legal document that allows beneficiaries of a trust located in Phoenix, Arizona, to mutually agree to dissolve the trust. We explored some relevant keywords and highlighted different types of these agreements, including revocable living trust termination agreements, irrevocable trust termination agreements, and testamentary trust termination agreements. It is essential to consult with a qualified legal professional to ensure accuracy and compliance with all applicable laws when creating such agreements.
