Trust Settlement Agreement
I. Introduction
This Trust Settlement Agreement ("Agreement") is entered into by and between [TRUSTEE NAME], in their capacity as Trustee of [TRUST NAME] ("Trust"), and [BENEFICIARY NAME], as Beneficiary of the said Trust. This Agreement outlines the terms under which the Trust assets and liabilities will be managed and distributed.
II. Recitals
WHEREAS, [DECEASED NAME], previously established the Trust on [DATE OF TRUST CREATION], and, WHEREAS, disputes and ambiguities have arisen concerning the interpretation and execution of the Trust provisions.
III. Definitions
Trust: The term refers to the [TRUST NAME], created by [DECEASED NAME] on [DATE OF TRUST CREATION].
Trust Assets: All properties, assets, and interests, either tangible or intangible, that are held within the Trust.
Parties: Collectively refer to the Trustee and the Beneficiary engaged in this Agreement.
IV. Settlement Terms
The following terms have been agreed upon by the Parties:
The Trustee will distribute the Trust Assets as per the original terms specified in the Trust, taking into consideration any amendments agreed upon herein.
Any liabilities associated with the Trust are to be settled using the Trust's assets before any distribution to the Beneficiary.
V. Representations and Warranties
Both Parties represent and warrant that:
VI. Confidentiality
Each Party agrees to keep the terms, conditions, and existence of this Agreement confidential, except as required by law or with the written consent of the other Party.
VII. Dispute Resolution
In the event of any disputes arising from this Agreement, Parties agree first to seek resolution through good faith negotiations. If unresolved, disputes will be settled through arbitration, with proceedings held in [ARBITRATION LOCATION].
VIII. General Provisions
Amendments: Any amendments to this Agreement must be made in writing and signed by both Parties.
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [STATE/COUNTRY].
Severability: If any provision of this Agreement is found to be unenforceable or invalid, that provision will be limited or eliminated to the minimum extent necessary so that this Agreement will otherwise remain in full force and effect and enforceable.
IX. Execution
This Agreement is executed by the duly authorized Parties as of the Last Written Signature date below. IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals.
Trustee Signature
[DATE]
Beneficiary Signature
[DATE]
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