Document background
The Termination Of Trust Agreement is a crucial document used when parties wish to formally conclude a trust arrangement under Nigerian law. It becomes necessary when the trust purpose has been fulfilled, when all beneficiaries agree to terminate, or when circumstances make the trust no longer viable or necessary. The document addresses key aspects including asset distribution, trustee discharge, tax implications, and final accounting, while ensuring compliance with Nigerian legislation such as the Trustees Investment Act 1962 and relevant tax laws. This agreement is particularly important in protecting all parties' interests during the trust dissolution process, providing clear documentation of the termination procedures, and ensuring proper transfer of assets. It requires careful consideration of Nigerian trust law principles and may need customization based on the specific type of trust being terminated, whether private, charitable, or corporate.
