Agreement to Extend Term of Trust
Keep the trust going the same way after the due date
The trust is formed for a definite period of time and after that time lapses the trust comes to an end. There are two types of people associated with a trust- the trustees and the beneficiaries. Both types are required to come to an agreement if at all there is a question of extension of the term of the trust.
To bring about this change of term of the trust both the trustees and the beneficiaries must sign the agreement to extend term of trust.
For the agreement to be legally binding it must contain the following elements
- The name of the trustee
- The name of the property which is the part of trust and is in question
- The location of the property
- The original date of termination of the trust
- The number of years for which the provision of extension is desired
- Date on which the signatures of the trustee and the beneficiaries were made.
- The sign of the trustee as well as the beneficiaries.
This agreement allows a trust to continue for a longer period of time and the beneficiaries as well as the trustee continue to play the same role as they were before the end date of the trust.
This is an important tool and should be made used of, if the system is favorable for all and there is no problem between the trustee and the beneficiaries regarding the ownership title, the benefits that are being extended to the beneficiaries.