Fairfax Virginia Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank

• Category: Corporations - Public - Agreements - Trusts
• State: Multi-State
• County: Fairfax
• Control #: US-EG-9075
• Format: Word; Rich Text

Description

Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank dated December 29, 1999. 14 pages

Fairfax Virginia Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank is a legal document that outlines the terms and conditions of a trust relationship between the two parties. This agreement is specifically related to transactions or assets involving Fairfax, Virginia. The Trust Agreement serves as a reference for Prudential Securities Incorporated and The Chase Manhattan Bank in managing and administering assets entrusted to them. It defines the rights and responsibilities of each party, ensuring a transparent and compliant handling of client funds and assets. The Trust Agreement covers various aspects, including but not limited to: 1. Trust Purpose: The Agreement specifies the purpose of the trust, which can be investment management, wealth preservation, or any other goal specified by the client. 2. Trust Assets: It outlines the types of assets that can be placed under the trust, such as cash, stocks, bonds, real estate, and other eligible investments within the Fairfax, Virginia jurisdiction. 3. Investment Guidelines: The Agreement may define specific investment guidelines or strategies to be followed when managing the trust's assets. This includes risk tolerance, diversification, and any limitations or restrictions specified by the client. 4. Fiduciary Duties: Both Prudential Securities Incorporated and The Chase Manhattan Bank are bound by fiduciary duties, which means they must act in the best interest of the trust beneficiaries and handle assets prudently. 5. Compensation and Fees: The Agreement may specify the compensation and fees payable to both parties for providing trust services. This includes management fees, administrative costs, and any other expenses associated with managing the trust. 6. Reporting: It outlines the reporting requirements and frequency of providing trust statements to the client or beneficiaries. This ensures transparency and enables the client to stay informed about the trust's performance. 7. Termination or Amendment: The Agreement may detail the conditions and procedures for terminating or amending the trust, including any penalties or notice periods involved. Types of Fairfax Virginia Reference Trust Agreement between Prudential Securities Incorporated and The Chase Manhattan Bank: 1. Revocable Trust Agreement: This type of agreement allows the client to modify or revoke the trust during their lifetime, providing flexibility and control. 2. Irrevocable Trust Agreement: In contrast to the revocable trust, this agreement cannot be modified or revoked without the consent of all relevant parties. It offers potential tax benefits and asset protection. 3. Testamentary Trust Agreement: This agreement comes into effect upon the death of the client and is typically outlined in their will. It allows for the distribution of assets to beneficiaries according to the client's wishes. It's crucial to note that the specific terms and conditions of Fairfax Virginia Reference Trust agreements between Prudential Securities Incorporated and The Chase Manhattan Bank can vary based on the individual or entity for whom the trust is being established. Therefore, it is advisable to consult with legal and financial professionals for guidance and to understand the precise details of any such agreement.