A well drafted trust instrument will generally prescribe the method and manner of amending the trust agreement. This form is a sample of a trustor amending the trust agreement in order to extend the term of the trust. It 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.
Hawaii Agreement to Extend the Duration or Term of a Trust is a legal document that allows the parties involved to extend the duration or term of a trust established in the state of Hawaii. This agreement is essential when the original term or duration of a trust is about to expire, and the parties wish to extend it for various reasons. In Hawaii, there are two main types of agreements to extend the duration or term of a trust: 1. Hawaii Agreement to Extend the Duration or Term of a Revocable Trust: A revocable trust is a trust that can be modified or revoked by the settler or creator during their lifetime. However, when the initial term of the revocable trust is nearing its end, the settler can enter into this agreement to extend the trust's duration. This ensures that the trust's assets are safeguarded for a prolonged period and continue to function according to the settler's original intentions. 2. Hawaii Agreement to Extend the Duration or Term of an Irrevocable Trust: Unlike revocable trusts, an irrevocable trust cannot be altered or revoked by the settler once it is established. However, circumstances may arise wherein extending the duration or term of the trust becomes necessary. This agreement allows the settler, beneficiaries, and trustees to mutually agree upon an extension, ensuring that the trust's assets are managed and distributed according to the original trust terms, albeit for an extended period. Keywords: Hawaii, Agreement, Extend, Duration, Term, Trust, Revocable Trust, Irrevocable Trust, Settler, Beneficiaries, Trustees, Legal Document, Original Term, Expire, Modify, Safeguard, Assets, Manage, Distribute.
