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.
Travis Texas Agreement Among Beneficiaries to Terminate Trust is a legally binding document that outlines the process and terms by which the beneficiaries of a trust can mutually agree to terminate the trust. This agreement is specific to the state of Texas and adheres to the applicable laws and regulations governing trusts in Travis County. Keywords: Travis Texas, Agreement Among Beneficiaries, Terminate Trust, beneficiaries, trust, legally binding, document, process, terms, state of Texas, laws and regulations, Travis County. Types of Travis Texas Agreement Among Beneficiaries to Terminate Trust: 1. General Agreement Among Beneficiaries to Terminate Trust: This type of agreement is used when all the beneficiaries of the trust unanimously decide to terminate the trust. It outlines the steps, conditions, and obligations that must be met for the termination to take effect. 2. Partial Agreement Among Beneficiaries to Terminate Trust: In certain cases, not all the beneficiaries may agree to terminate the trust. In such situations, a partial agreement can be made between the beneficiaries who do wish to terminate the trust, specifying their respective shares and how the termination will affect their interests. 3. Agreement Among Beneficiaries with Court Approval to Terminate Trust: Sometimes, the termination of a trust may require court approval, especially if there are minor beneficiaries or special circumstances involved. This type of agreement includes provisions for obtaining the necessary court approval and complying with any additional requirements imposed by the court. 4. Agreement Among Beneficiaries to Terminate a Revocable Trust: A revocable trust can be terminated by the settler and beneficiaries without court involvement. This agreement facilitates the process of terminating a revocable trust, ensuring that all beneficiaries are aware of their rights, responsibilities, and any potential tax implications. 5. Agreement Among Beneficiaries to Terminate an Irrevocable Trust: Unlike a revocable trust, terminating an irrevocable trust generally requires unanimous consent from all beneficiaries and/or court approval. This type of agreement outlines the specific conditions, considerations, and legal processes involved in terminating an irrevocable trust. In conclusion, a Travis Texas Agreement Among Beneficiaries to Terminate Trust provides a clear and legally compliant framework for beneficiaries to mutually agree on terminating a trust. The type of agreement may vary depending on the circumstances, such as the unanimous agreement of all beneficiaries, court involvement, or termination of a revocable or irrevocable trust.Travis Texas Agreement Among Beneficiaries to Terminate Trust is a legally binding document that outlines the process and terms by which the beneficiaries of a trust can mutually agree to terminate the trust. This agreement is specific to the state of Texas and adheres to the applicable laws and regulations governing trusts in Travis County. Keywords: Travis Texas, Agreement Among Beneficiaries, Terminate Trust, beneficiaries, trust, legally binding, document, process, terms, state of Texas, laws and regulations, Travis County. Types of Travis Texas Agreement Among Beneficiaries to Terminate Trust: 1. General Agreement Among Beneficiaries to Terminate Trust: This type of agreement is used when all the beneficiaries of the trust unanimously decide to terminate the trust. It outlines the steps, conditions, and obligations that must be met for the termination to take effect. 2. Partial Agreement Among Beneficiaries to Terminate Trust: In certain cases, not all the beneficiaries may agree to terminate the trust. In such situations, a partial agreement can be made between the beneficiaries who do wish to terminate the trust, specifying their respective shares and how the termination will affect their interests. 3. Agreement Among Beneficiaries with Court Approval to Terminate Trust: Sometimes, the termination of a trust may require court approval, especially if there are minor beneficiaries or special circumstances involved. This type of agreement includes provisions for obtaining the necessary court approval and complying with any additional requirements imposed by the court. 4. Agreement Among Beneficiaries to Terminate a Revocable Trust: A revocable trust can be terminated by the settler and beneficiaries without court involvement. This agreement facilitates the process of terminating a revocable trust, ensuring that all beneficiaries are aware of their rights, responsibilities, and any potential tax implications. 5. Agreement Among Beneficiaries to Terminate an Irrevocable Trust: Unlike a revocable trust, terminating an irrevocable trust generally requires unanimous consent from all beneficiaries and/or court approval. This type of agreement outlines the specific conditions, considerations, and legal processes involved in terminating an irrevocable trust. In conclusion, a Travis Texas Agreement Among Beneficiaries to Terminate Trust provides a clear and legally compliant framework for beneficiaries to mutually agree on terminating a trust. The type of agreement may vary depending on the circumstances, such as the unanimous agreement of all beneficiaries, court involvement, or termination of a revocable or irrevocable trust.
