Miami-Dade Florida Setting Termination Date and Release by Trustor of Right to Revoke Trust Before The Termination Date

State:
Multi-State
County:
Miami-Dade
Control #:
US-01228BG
Format:
Word; 
Rich Text
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Description

In this form, the trustor exercises his right to terminate a trust by setting a date in the future for the trust to terminate. However, trustor and beneficiary agree that the trust will not terminate prior to that date and that trustor cancels, waives, and relinquishes the right he has under the trust to terminate it on a date earlier than the date he has set in this instrument. 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.


Miami-Dade County in Florida is a vibrant and diverse region known for its stunning beaches, lively nightlife, and cultural attractions. As a popular tourist destination, Miami-Dade offers a plethora of entertainment options, world-class shopping districts, and a rich culinary scene. The county is also home to various scenic parks, including the famous Everglades National Park, where visitors can immerse themselves in the beauty of nature. In the context of estate planning and trust agreements, a "Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date" refers to a specific provision or condition that allows the trust or (the person who creates the trust) to establish a fixed date on which the trust will terminate and release their right to revoke the trust before the said termination date. This provision effectively limits the trust or's ability to alter or dissolve the trust once it has been executed. There are no specific variations or different types of the "Miami-Dade Florida Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date" mentioned. It is a general description of a potential clause that can be included in trust agreements within the jurisdiction of Miami-Dade County, Florida.

Miami-Dade County in Florida is a vibrant and diverse region known for its stunning beaches, lively nightlife, and cultural attractions. As a popular tourist destination, Miami-Dade offers a plethora of entertainment options, world-class shopping districts, and a rich culinary scene. The county is also home to various scenic parks, including the famous Everglades National Park, where visitors can immerse themselves in the beauty of nature. In the context of estate planning and trust agreements, a "Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date" refers to a specific provision or condition that allows the trust or (the person who creates the trust) to establish a fixed date on which the trust will terminate and release their right to revoke the trust before the said termination date. This provision effectively limits the trust or's ability to alter or dissolve the trust once it has been executed. There are no specific variations or different types of the "Miami-Dade Florida Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date" mentioned. It is a general description of a potential clause that can be included in trust agreements within the jurisdiction of Miami-Dade County, Florida.

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FAQ

Section 736.0412, Florida Statutes, provides that an irrevocable trust can be terminated without court approval if the trustee and all ?qualified beneficiaries? unanimously agree to do so. The process is referred to as ?nonjudicial termination? of trust, and is permissible for only certain trusts.

Florida law provides that the grantor and all beneficiaries may modify an irrevocable trust by consent through the execution of a nonjudicial settlement agreement.

The main methods of terminating a trust are by revocation, setting aside, passing of time, distribution of the trust fund or termination by the beneficiaries under the rule in Saunders v Vautier.

A Florida revocable living trust must have a trustee at all times. The trustee is the person in charge of administering the trust.

Yes, a trustee can refuse to pay a beneficiary if the trust allows them to do so. Whether a trustee can refuse to pay a beneficiary depends on how the trust document is written. Trustees are legally obligated to comply with the terms of the trust when distributing assets.

Section 736.0412, Florida Statutes, provides that an irrevocable trust can be terminated without court approval if the trustee and all ?qualified beneficiaries? unanimously agree to do so. The process is referred to as ?nonjudicial termination? of trust, and is permissible for only certain trusts.

The trustee's duty to keep the beneficiary informed goes beyond providing adequate information. A Florida trustee must provide the beneficiaries with a report of the accounting, and must provide a copy of the actual trust upon a reasonable request.

Common Florida beneficiary rights Right to receive notice of Florida probate.Right to a resolution of their interests.Right to request the removal of the personal representative.Right to contest the validity of the will.Right to the fair market value of any asset.

In the case of an irrevocable trust, it cannot be done without the consent of the settlor and the beneficiary. If the settlor is not alive, then the consent of the beneficiary is needed, and it should be done by the intervention of the court.

A beneficiary generally has the right to be kept ?reasonably informed of the trust and its administration.? This includes the right to receive an annual accounting from the trustee, which must provide a record of all transactions involving the trust and a statement of all gains, losses, distributions, and fees.

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Miami-Dade Florida Setting Termination Date and Release by Trustor of Right to Revoke Trust Before The Termination Date