Document background
A Trust Revocation Declaration is utilized when there is a need to formally terminate an existing trust arrangement under Canadian law. This document is essential when the settlor wishes to exercise their power to revoke a revocable trust, or when circumstances necessitate the termination of a trust according to its terms. The declaration must comply with both federal legislation, particularly regarding tax implications, and provincial trust laws which govern trust administration and revocation procedures. The document typically includes detailed information about the original trust, the basis for revocation, asset disposition instructions, and provisions for trustee discharge. It's particularly important in situations involving significant assets, family wealth management, or complex trust arrangements where clear documentation of the termination process is crucial for legal and tax purposes.
