Trust Termination Agreement

Trust Termination Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Trust Termination Agreement for a family trust registered in DIFC, terminating due to achievement of trust purpose, with three adult beneficiaries and significant real estate assets, to be completed by March 2025."

Document background

The Trust Termination Agreement is a crucial document used when parties wish to formally conclude a trust arrangement in the UAE, particularly within the DIFC or ADGM jurisdictions. It becomes necessary when the trust's purpose has been fulfilled, when all beneficiaries agree to termination, or when continuation becomes impossible or impractical. This document addresses key aspects such as asset distribution, liability settlement, trustee discharge, and regulatory compliance. The agreement must comply with either DIFC Trust Law No. 4 of 2018 or ADGM Trust Regulations 2016, depending on the applicable free zone, and may require regulatory approval before execution. It serves as the final record of trust dissolution and provides legal protection for all parties involved.

Suggested Sections

1. Parties: Identification of all relevant parties including Trustee(s), Beneficiaries, Settlor (if alive), and any protector or enforcer of the trust

2. Background: Details of the original trust creation, key amendments, reason for termination, and confirmation that termination conditions are met

3. Definitions: Definitions of key terms used throughout the agreement, including Trust Property, Distribution Date, and Termination Date

4. Authority to Terminate: Confirmation of the legal basis and authority for trust termination under applicable UAE law

5. Termination Process: Step-by-step process for terminating the trust, including timing and required actions

6. Distribution of Assets: Details of how trust assets will be distributed among beneficiaries

7. Release and Discharge: Release of trustee(s) from their duties and responsibilities

8. Tax and Costs: Allocation of any tax liabilities and costs associated with trust termination

9. Governing Law and Jurisdiction: Specification of UAE law application and relevant jurisdiction (DIFC/ADGM/UAE mainland)

10. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Survival of Indemnities: Include when there are ongoing indemnification obligations that should survive trust termination

2. Dispute Resolution: Include when parties wish to specify particular dispute resolution mechanisms

3. Protector Provisions: Include when the trust has a protector whose role needs to be addressed in termination

4. Third Party Rights: Include when there are third party rights that need to be addressed or excluded

5. Confidentiality: Include when parties wish to maintain confidentiality about trust arrangements post-termination

6. Outstanding Obligations: Include when there are continuing obligations that need to be addressed or transferred

Suggested Schedules

1. Schedule 1 - Trust Assets: Comprehensive list of all trust assets to be distributed

2. Schedule 2 - Distribution Plan: Detailed plan showing how assets will be distributed among beneficiaries

3. Schedule 3 - Outstanding Liabilities: List of any outstanding liabilities or obligations of the trust

4. Schedule 4 - Required Notices: Forms of notices required to various parties regarding trust termination

5. Appendix A - Original Trust Deed: Copy of the original trust deed and any amendments

6. Appendix B - Regulatory Approvals: Copies of any required regulatory approvals for termination

7. Appendix C - Beneficiary Consents: Signed consents from all beneficiaries agreeing to termination

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

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Financial Services

Legal Services

Wealth Management

Private Banking

Family Office Services

Corporate Services

Real Estate

Investment Management

Professional Services

Trust Administration

Relevant Teams

Legal

Compliance

Wealth Management

Trust Administration

Corporate Services

Risk Management

Private Banking

Family Office

Financial Advisory

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Relevant Roles

Trust Manager

Legal Counsel

Compliance Officer

Wealth Manager

Private Client Advisor

Trust Administrator

Corporate Services Manager

Financial Director

Risk Manager

Legal Director

Trust Officer

Company Secretary

Private Banking Manager

Family Office Manager

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