Fill and Sign the Agreement among Beneficiaries to Terminate Trust Form

Agreement Among Beneficiaries to Terminate Trust Agreement made on the ________________________________________ (date), between ______________________________________________________ (Name of Beneficiary A) of _________________________________________________________ ___________________________________________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Beneficiary A, ___________________________________________ (Name of Beneficiary B) of _________________________________________________ ___________________________________________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Beneficiary B, and _______________________________________ (Name of Beneficiary C) of _________________________________________________ ___________________________________________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Beneficiary C; and Whereas, on _____________________________________________ (date), ___________________________________________________ (Name of Trustor) of ___________________________________________________________________________________________________________________________________________________________________________________ (street address, city, county, state, zip code), formed a trust for the benefit of Beneficiary A, Beneficiary B, and Beneficiary C with __________________________________________________ (Name of Trustee) of ___________________________________________________________________________________________________________________________________________________________________________________ (street address, city, county, state, zip code), serving as Trustee; and Whereas, Beneficiaries are all now above the age of ______ (e.g., 21) years of age and desire to terminate said Trust; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Said Trust is hereby terminated, and each of us releases and waives any right or interest he or she may have under the Trust. 2. We each hereby release ______________________________________________ (Name of Trustee), Trustee, from all duty and liability under the Trust if and when said Trustee distributes the tr
M of proceeds to each beneficiary in accordance with this agreement. 3. Each of us hereby agrees that: (a) all assets left with each of the parties under the trust as of (date), will be available for distribution by each of us to such beneficiary, at no cost to the other, and (b) we each shall make all payments in full to, and receive as distributions from, trust assets to the extent such payments and distributions fall for the purpose of making payments in full to, and receive as distributions from, anyone or both beneficiaries pursuant to (b) above. 4. Each of us shall provide a financial statement for each calendar year, to be filed with or furnished to the trustee pursuant to this agreement, in which sums payable to each beneficiary (namely, beneficiary a) shall be recorded in full, and we shall account from (date) each of us in full on a net income or net loss, and shall provide to the trustee a full copy of all the same. 5. Each beneficiary shall notify the trustee that he or she is entitled, within a reasonable period, to have a copy of any statements made by him or her to his or her account, including a complete financial statement under this agreement, made available to him or her, by sending to us a written request by registered or approved mail, return receipt requested within thirty days of the date of such statement; provided, however, that at the expiration of such thirty-day period, we shall grant any such request to any such beneficiary that such beneficiary sends to us by such means and in the manner the beneficiary states, to be effective, on the due date specified therein, however designated, for the purpose of such statement. 6. Each of us acknowledges that any amounts payable to anyone under this agreement, in accordance with the provisions of this agreement and of any other written agreement now in effect between the beneficiary and any of us and each of us, shall be jointly, severally, or absolutely liable to the beneficiary for his obligations under this agreement. 7. Under no circumstances or from any circumstances, shall (payroll- withholding tax) be withheld from such amount as will be fully paid and due to the beneficiary and such trustee. 8. In any event, the trust agreement, and all other material provisions hereof, and all provisions of any agreements entered into in connection therewith before and in accordance with this agreement shall be subject to any limitations, contingencies, exceptions, or other restrictions contained or which will be required by law or this agreement, in effect.