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.
Utah Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date is a legal provision that is commonly used in trust agreements in the state of Utah. This provision outlines the conditions under which the trust or, also known as the settler or granter, can set a termination date for the trust and release their right to revoke the trust before that date. The purpose of this provision is to provide flexibility and control to the trust or in determining when the trust will come to an end. By setting a termination date, the trust or can ensure that the trust assets will be distributed or managed according to their wishes after a certain period of time. There are different types of Utah Setting Termination Date and Release provisions that can be established in a trust agreement: 1. Fixed Term Termination: This type of provision sets a specific date or event on which the trust will terminate, regardless of any other factors. For example, the trust may be set to terminate on the trust or's 75th birthday or on the date of a specific anniversary. 2. Conditional Termination: In this type of provision, the trust will terminate upon the occurrence of a certain condition. For instance, the trust might specify that it will terminate upon the trust or's death or when a specific beneficiary reaches a certain age. 3. Discretionary Termination: This provision gives the trustee the authority to terminate the trust at their discretion. The trustee may consider various factors such as changes in the trust or's circumstances, changes in the law, or other relevant factors when making the decision to terminate the trust. Regardless of the specific type of Utah Setting Termination Date and Release provision used, it is important for the trust or to clearly outline their intentions and expectations regarding the termination of the trust. This provision should be carefully drafted and reviewed by legal professionals to ensure its enforceability and alignment with the trust or's objectives. By utilizing the Utah Setting Termination Date and Release by Trust or of Right to Revoke Trust Before The Termination Date provision, trustees in Utah can have peace of mind knowing that they have control over their trust's duration and the ability to release their right to revoke the trust before the agreed termination date.
