The Trust Termination Agreement is a critical document used when parties wish to bring a trust arrangement to an end in Hong Kong. It becomes necessary when all beneficiaries with capacity agree to terminate the trust, when the trust purpose has been fulfilled, or when the trust terms provide for termination under specific circumstances. This document, governed by Hong Kong law and particularly the Trustee Ordinance (Cap. 29), ensures proper documentation of the termination process, including final asset distribution, tax considerations, and the formal discharge of trustee duties. The agreement protects all parties' interests by clearly defining the termination terms, asset distribution methodology, and release of obligations, while ensuring compliance with Hong Kong's trust and tax regulations.
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1. Parties: Identifies all parties to the agreement including the trustee(s), beneficiaries, and settlor (if alive)
2. Background: Recites the creation of the trust, key trust terms, and circumstances leading to termination
3. Definitions: Defines key terms used throughout the agreement
4. Authority to Terminate: States the legal basis for termination and confirms all required consents have been obtained
5. Confirmation of Trust Assets: Confirms the current trust assets and their value as of termination date
6. Distribution Instructions: Details how trust assets will be distributed to beneficiaries
7. Tax Provisions: Addresses tax liabilities and responsibilities relating to the termination
8. Release and Discharge: Provides for mutual release of claims and discharge of trustee duties
9. Representations and Warranties: Contains standard representations about capacity and authority to enter agreement
10. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
1. Partial Termination Provisions: Required if only part of the trust is being terminated while other parts continue
2. Foreign Asset Provisions: Required if trust holds assets in multiple jurisdictions requiring specific transfer procedures
3. Continuing Obligations: Required if any obligations survive termination (e.g., confidentiality, tax compliance)
4. Dispute Resolution: Optional alternative dispute resolution procedures like mediation or arbitration
5. Indemnification: Additional indemnification provisions beyond standard release, if required by circumstances
1. Schedule 1 - Trust Assets: Detailed inventory of all trust assets and their current market values
2. Schedule 2 - Distribution Plan: Detailed breakdown of how assets will be distributed to each beneficiary
3. Schedule 3 - Beneficiary Information: Complete list of beneficiaries with their details and distribution instructions
4. Schedule 4 - Outstanding Liabilities: List of any outstanding trust liabilities to be settled before termination
5. Appendix A - Original Trust Deed: Copy of the original trust deed and any amendments
6. Appendix B - Consent Forms: Signed consent forms from all required parties agreeing to termination
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