Free Trust Termination Agreement Creator - Create Online

Trust Termination Agreement

This Trust Termination Agreement (the "Agreement") is entered into and effective as of [date] (the "Effective Date") by and between the parties:

1) [Trustee's Full Name], residing at [Address] (the "Trustee");

and

2) [Beneficiary's Full Name], residing at [Address] (the "Beneficiary");

(collectively, the "Parties")

1. Background

1.1. Existing Trust

WHEREAS, the Liberty Legacy Trust, a revocable living trust, was created and established under the laws of [state], on [Trust Creation Date] (the "Trust"), with the purpose of managing and distributing certain assets (the "Trust Assets") for the benefit of the Beneficiary;

1.2. Termination

WHEREAS, the Parties desire to terminate the Trust and distribute the Trust Assets, in accordance with the terms and conditions outlined in this Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

2. Termination of the Trust

2.1. Termination of Trust

Subject to the terms and conditions of this Agreement, the Trust shall be terminated, and the Trustee shall be released from any further duties, liabilities, or obligations associated with the Trust, as of the Effective Date.

3. Distribution of Trust Assets

3.1. Distribution of Assets

Within thirty (30) days following the Effective Date, the Trustee shall distribute all Trust Assets directly to the Beneficiary or as otherwise directed by the Beneficiary, in writing.

3.2. Acceptance and Receipt of Assets

Upon receipt of the Trust Assets, the Beneficiary shall fully and unconditionally accept and assume all rights, title, and interest in and to the Trust Assets, free and clear of any and all restrictions, obligations, or liabilities arising from or relating to the Trust Assets prior to the Effective Date.

3.3. Satisfaction of Liabilities and Taxes

The Beneficiary acknowledges and agrees to satisfy any and all liabilities, including but not limited to taxes, arising from or relating to the receipt of the Trust Assets. The Beneficiary agrees to indemnify, defend, and hold the Trustee harmless from and against any claims, losses, or expenses, including reasonable attorney fees, arising from or relating to any such liabilities.

4. Trustee's Duties, Resignation, and Discharge

4.1. Trustee's Duties

Until the distribution of Trust Assets to the Beneficiary, the Trustee shall continue performing the duties required by the Trust.

4.2. Resignation and Discharge

Upon the distribution of the Trust Assets to the Beneficiary, the Trustee shall be deemed to have resigned and been fully discharged from all duties, liabilities, and obligations arising from or relating to the Trust, including, but not limited to, any accounting, reporting, or informational requirements.

5. Representations and Warranties

5.1. Trustee Representations

The Trustee represents and warrants that he/she has the full right, power, and authority to enter into this Agreement and perform his/her obligations hereunder, and that the execution and delivery of this Agreement will not violate the terms of any other agreement to which the Trustee is a party.

5.2. Beneficiary Representations

The Beneficiary represents and warrants that he/she has the full right, power, and authority to enter into this Agreement and perform his/her obligations hereunder, and that the execution and delivery of this Agreement will not violate the terms of any other agreement to which the Beneficiary is a party.

6. Governing Law and Dispute Resolution

6.1. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the United States and the [state] state, without giving effect to any conflict of laws principles.

6.2. Dispute Resolution

Any dispute, claim, or controversy arising out of or relating to this Agreement, or the breach, termination, enforcement, interpretation, or validity thereof, shall be determined by arbitration in the [state] state, before a single arbitrator. The arbitration shall be administered by the American Arbitration Association ("AAA") in accordance with its Commercial Arbitration Rules. Judgment on the arbitral award may be entered in any court having jurisdiction thereof.

7. Miscellaneous

7.1. Entire Agreement

This Agreement constitutes the entire understanding and agreement of the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements or understandings between the Parties, whether written or oral, with respect thereto.

7.2. Amendments

This Agreement may only be amended, modified, or supplemented by written agreement signed by all Parties.

7.3. Binding Effect

This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

7.4. Counterparts

This Agreement may be executed in counterparts and by facsimile or electronic signature, with the same force and effect as if the Parties had executed the same instrument.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

____________________________ ____________________________
[Trustee's Full Name] [Beneficiary's Full Name]
Trustee Beneficiary