Trust Distribution and Termination Agreement.

Are you currently administering a Living Trust?

Is it time to wrap up the Living Trust by distributing the assets and terminating the Living Trust entirely?

One thing to think about when this time comes, if you have not already retained an attorney to help you with trust administration, is preparing a Trust Distribution and Termination Agreement.

This agreement, when properly prepared, often contains key components of trust administration to include recitals of successor trustees, distribution provisions, distribution of personal property already made, funding at date of distribution values, proposed final distribution, consent from beneficiaries for final distribution, waivers of accounting if appropriate among other clauses that ultimately protects the successor trustee while obtaining an agreement among the beneficiaries for the final distribution of trust assets.

This is the last step of a series of steps that should be taken when administering a Living Trust.

If you have questions, please consult with an attorney for more information. If you like, you can email me or contact TLD by phone at any of the phone numbers listed on the left column.