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.
Maryland Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date is a legal provision that allows the Trust or (also known as the Settler or Granter) of a trust to set a specific termination date for the trust and release their right to revoke the trust before that date. This provision is commonly used in estate planning to provide clarity and certainty regarding the duration and revocability of the trust. Keywords: Maryland, Setting Termination Date, Release by Trust or, Right to Revoke Trust, Termination Date, Trustees, Settler, Granter, legal provision, estate planning. Different types or variations of Maryland Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date may include: 1. Irrevocable Trusts with Specific Termination Dates: In this type of trust, the Trust or establishes a fixed termination date or event when the trust will end. Before the termination date, the Trust or releases their right to revoke the trust, providing a level of certainty and ensuring the trust's assets are distributed according to their wishes. 2. Revocable Trusts with Conditional Termination Dates: Some trusts may have conditional termination dates based on specific events, such as the Trust or's death, incapacitation, or reaching a certain age. Before the occurrence of these events, the Trust or may have the ability to revoke or modify the trust, but once the conditions are met, the trust becomes irrevocable. 3. Partial Release of Right to Revoke Trust: In certain circumstances, the Trust or may release their right to revoke only a portion of the trust assets or change previously specified terms. This type of release allows for flexibility in modifying the trust without completely revoking it. 4. Termination Date Extensions: Trustees may also have the option to modify or extend the original termination date of the trust. This provision can be useful when unforeseen circumstances arise, requiring an adjustment in the timing of trust termination. Overall, Maryland Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date provides a mechanism for trustees to establish a definitive timeline for their trusts and ensures that the trust assets are protected until the designated termination date or event.
