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.
Hawaii Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date refers to a legal provision in trust agreements in the state of Hawaii. This provision allows the trust or, also known as the granter or settler, to establish a termination date for the trust and release their right to revoke the trust before that termination date. The Hawaii Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date serves as a safeguard that ensures the sanctity and longevity of the trust arrangement. By setting a termination date, the trust or explicitly determines when the trust will come to an end. This provision helps provide clarity and certainty to the administration of the trust. This specific type of trust provision is particularly useful in situations where the trust or wants to ensure that the trust assets are preserved and managed according to their intentions until a specified future date. The trust or may have specific goals or conditions that need to be met before the trust can terminate. By setting a termination date, the trust or can maintain control over the trust until that date, without the option to revoke it earlier. Hawaii Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date is not limited to a single type. Different trust arrangements can incorporate this provision to suit the specific needs and objectives of the trust or. For example: 1. Revocable Living Trust with Setting Termination Date: In this type of trust, the trust or reserves the right to modify or revoke the trust until the specified termination date. However, once the termination date is reached, the trust becomes irrevocable. 2. Charitable Remainder Trust with Setting Termination Date: This type of trust allows the trust or to establish a termination date and release their right to revoke the trust before that date. It is commonly used for charitable giving, where the trust assets generate income for the trust or other beneficiaries during their lifetime, with the remaining assets going to a designated charity upon termination. Overall, Hawaii Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date is a valuable provision that empowers trustees to establish a clear timeline for their trust arrangement and limit their ability to modify or revoke it before the specified termination date. It offers peace of mind and assurance that the trust assets will be managed according to the trust or's wishes until the predetermined end date.
