[WSBAPT] Termination of Trust

[Marcus Fry]

To answer your question: yes you can have a waiver.  I have cut and pasted a receipt that I have utilized.

RECEIPT, RELEASE, AND WAIVER AGREEMENT

            I, the undersigned, am a beneficiary of the _________________ TRUST dated __________20__, (“Trust”) with ____________, serving as Trustee.  In consideration of receiving the below identified amount from the Trustee and avoiding the additional delay and expense of involving the court concerning said Trust, I do hereby:


1.            Confirm that I have been advised that a final distribution of $________ will be made to me.  I declare that this Receipt, Release and Waiver shall be immediately effective and irrevocable upon the Trustee’s delivery of the aforementioned sum to me and upon delivery I further acknowledge that  that I will have received all of the property that I am entitled to under the terms of the Trust.



2.            Approve, ratify and confirm all distributions by the Trustee to me.



3.            Approve, ratify, and confirm all of the acts and transactions of the Trustee concerning the Trust.



4.            Release the Trustee of any obligation from obtaining court approval of the Trust distribution, accounting of the Trust, and settlement of the Trust as it pertains to the Trust’s assets distributed.



5.            Waive any and all right to require a full and complete accounting of the Trust.



6.            Waive any applicable statutory waiting periods for closure of the Trust.



7.            Forever release and discharge the Trustee, both in his/her capacity as Trustee and individually, from any and all causes of actions, suits and claims, known or unknown, that I may now have or have in the future against him/her and his/her successors, heirs and assigns, pertaining to or otherwise relating to the Trustee’s acts and transactions in the administration of the Trust. This release and discharge shall not apply to the obligation to deliver the aforementioned sum set forth in Paragraph 1 above.



8.            Agree that in the event there is a valid debt of the Trust that arises after the assets of the Trust are distributed in full, that upon request by the Trustee, that I will immediately and promptly deliver to Trustee such amount that is equivalent to the amount that my share of the Trust would have been liable to pay prior to full distribution of the Trust’s assets.


            I acknowledge that the Trustee is relying upon this Receipt, Release and Waiver Agreement in making the distribution hereunder. In consideration of such reliance, I agree that this instrument shall be binding upon and inure to the benefit of me and my respective heirs, personal representatives, successors, and assigns.


DATED this        day of __________________, 20__.



                                                                        ________________________________



                                                                        Print Name:______________________


Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
P.O. Box 1689
Yakima, Washington  98907
Telephone:  (509) 248-7220
Facsimile:  (509) 575-1883

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Rebecca King
Sent: Thursday, April 09, 2020 1:45 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Termination of Trust

Good afternoon,

I have terminated numerous trusts using the procedure outlined in RCW 11.98.145, sending a Notice of Termination of Trust and waiting the thirty days for a beneficiary to object.  I am ready to terminate a trust and make final distributions, and I am wondering if there is a process, similar to the one for probates under RCW 11.68.110(4), where all the trust beneficiaries waive notice of the termination and we can make distributions immediately.  Given the challenging economic times, some of the beneficiaries could really use the funds now rather than waiting thirty days.

Warmest regards,
Rebecca King
Attorney

Northwest Elder Law Group
2150 N. 107th Street, Suite 501
Seattle, WA 98133
Main: (206) 937-6102
Direct Line and Fax: (206) 866-6544

Providing Services in Elder Law

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