Nonjudicial Settlement Agreement: Approval Of Accounts, Termination Of Trust And Release And Indemnification Of Trustee printable pdf download

___________________________ (the Trust)

NONJUDICIAL SETTLEMENT AGREEMENT: APPROVAL OF ACCOUNTS,

TERMINATION OF TRUST AND RELEASE AND INDEMNIFICATION OF TRUSTEE

The interested persons are __________________, as the sole current trustee

(“Trustee”); ___________________ as settlor (Settlor – if living); and

__________________ (Current Beneficiary) and _____________________________

(Remainder Beneficiaries), collectively as the qualified beneficiaries (“Qualified

Beneficiaries”) of the Trust. Each acknowledges and agrees to the following

enumerated Recitals and Agreements.

RECITALS

By the Last Will and Testament of ______________ dated _________

(the “Trust Agreement”), the Settlor set forth provisions to create the Trust for the

benefit of the beneficiaries, to be administered following the death of the Settlor.

Among other things, the Trust Agreement provided that upon funding the

Trust, distributions of income and/or principal may be made to or applied for the benefit

of the Current Beneficiary, at such times and in such amounts as the Trustee, in its sole

and absolute discretion, shall deem appropriate.

The Trust Agreement provides that upon the Settlor’s death, the Trust assets

shall be divided into equal shares and distributed to the Settlor’s surviving children.

Settlor died on __________, his estate was probated in _______ County,

Wisconsin and the Trust was established and funded according to the Trust Agreement.

The Trust was initially funded with $_____________ on __, 2015. Thereafter

the Trust was administered by the Trustee. Copies of the Trust accountings that have not

previously been distributed to the Qualified Beneficiaries are included with this Agreement.

The Qualified Beneficiaries believe the value of the trust property is

insufficient to justify the cost of administration. The Qualified Beneficiaries would like the

trust to be terminated and the trust assets distributed to the Current Beneficiary.

The Trustee is willing to terminate the trust and distribute the Trust assets to

the Current Beneficiary provided that the Qualified Beneficiaries review and approve all of

the Trustee’s accountings, and release and indemnify the Trustee from any further liability.

Under section 701.0111 of the Wisconsin Statutes, any person whose

consent would be required to achieve a binding court-approved settlement may enter

into a binding nonjudicial settlement agreement with respect to any matter involving a

trust, and the agreement will be valid to the extent it includes terms and conditions that

Drafted 6/26/2015

Nonjudicial Settlement Agreement: Approval Of Accounts, Termination Of Trust And Release And Indemnification Of Trustee