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.
A San Jose California Agreement Among Beneficiaries to Terminate Trust is a legal document created in the city of San Jose, California that involves multiple beneficiaries in the termination of a trust. This agreement provides a detailed description of the process, rights, and responsibilities of the beneficiaries involved in terminating the trust. When it comes to the types of San Jose California Agreement Among Beneficiaries to Terminate Trust, there are a few variations that may exist depending on the specific circumstances and provisions of the trust. Here are some common types: 1. Revocable Living Trust Termination Agreement: This type of agreement is used when the trust creator, also known as the settler, chooses to revoke or terminate a living trust during their lifetime. The beneficiaries involved in this agreement may include children, spouses, or other named individuals in the trust document. 2. Irrevocable Trust Termination Agreement: An irrevocable trust is one that cannot be easily modified or terminated without the consent of all beneficiaries or a court order. In this type of agreement, the beneficiaries come together to terminate the trust, possibly due to changes in circumstances or if the trust no longer serves its intended purpose. 3. Trust Beneficiary Agreement to Terminate Trust: This type of agreement involves beneficiaries who agree to terminate a trust together, either unanimously or through a majority vote. It may occur when beneficiaries reach a mutual decision that the trust is no longer necessary or beneficial. 4. Partial Termination Agreement Among Beneficiaries: In certain situations, beneficiaries may agree to terminate only a portion of a trust while keeping the rest intact. This agreement allows beneficiaries to modify or terminate specific provisions of the trust while maintaining the overall structure. In any San Jose California Agreement Among Beneficiaries to Terminate Trust, key elements and keywords that may be mentioned include trust termination, beneficiaries, settler, revocable, irrevocable, trust assets, distribution, termination procedure, consent, revocation, amendments, court approval, trust document, fiduciary duties, and termination notice.A San Jose California Agreement Among Beneficiaries to Terminate Trust is a legal document created in the city of San Jose, California that involves multiple beneficiaries in the termination of a trust. This agreement provides a detailed description of the process, rights, and responsibilities of the beneficiaries involved in terminating the trust. When it comes to the types of San Jose California Agreement Among Beneficiaries to Terminate Trust, there are a few variations that may exist depending on the specific circumstances and provisions of the trust. Here are some common types: 1. Revocable Living Trust Termination Agreement: This type of agreement is used when the trust creator, also known as the settler, chooses to revoke or terminate a living trust during their lifetime. The beneficiaries involved in this agreement may include children, spouses, or other named individuals in the trust document. 2. Irrevocable Trust Termination Agreement: An irrevocable trust is one that cannot be easily modified or terminated without the consent of all beneficiaries or a court order. In this type of agreement, the beneficiaries come together to terminate the trust, possibly due to changes in circumstances or if the trust no longer serves its intended purpose. 3. Trust Beneficiary Agreement to Terminate Trust: This type of agreement involves beneficiaries who agree to terminate a trust together, either unanimously or through a majority vote. It may occur when beneficiaries reach a mutual decision that the trust is no longer necessary or beneficial. 4. Partial Termination Agreement Among Beneficiaries: In certain situations, beneficiaries may agree to terminate only a portion of a trust while keeping the rest intact. This agreement allows beneficiaries to modify or terminate specific provisions of the trust while maintaining the overall structure. In any San Jose California Agreement Among Beneficiaries to Terminate Trust, key elements and keywords that may be mentioned include trust termination, beneficiaries, settler, revocable, irrevocable, trust assets, distribution, termination procedure, consent, revocation, amendments, court approval, trust document, fiduciary duties, and termination notice.
