A Deed of Termination of Trust is a crucial document used when parties wish to formally end a trust arrangement under Maltese law. This document is typically required when the trust purpose has been fulfilled, all beneficiaries agree to termination, or when the trust term expires. It must comply with the Malta Trusts and Trustees Act (Chapter 331) and requires careful consideration of tax implications, regulatory requirements, and proper asset distribution. The deed should be prepared when there is clear agreement among all parties and all conditions for termination under the original trust deed have been met. It must include comprehensive details about the trust's assets, liabilities, and distribution plan, while ensuring proper protection for trustees and beneficiaries throughout the termination process.
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1. Parties: Identification of all parties including the Trustee(s), Settlor (if alive), and all Beneficiaries
2. Background: Details of the original trust deed, including date of creation, registration details, and any subsequent modifications
3. Definitions: Definitions of key terms used in the deed, including references to the original trust deed terms
4. Recitals: Statement of the circumstances leading to termination and confirmation that all conditions for termination under the original trust deed and Maltese law have been met
5. Declaration of Termination: Formal declaration that the trust is terminated and the effective date of termination
6. Confirmation of Asset Distribution: Details of how the trust assets have been or will be distributed to beneficiaries
7. Release and Discharge: Mutual release and discharge of the trustee from their duties and liabilities
8. Tax Declarations: Confirmations regarding tax compliance and responsibility for any outstanding tax obligations
9. Governing Law: Confirmation that the deed is governed by Maltese law
10. Execution: Formal execution block meeting Maltese notarial requirements
1. Surviving Trustee Provisions: Required if there are multiple trustees and one or more will continue to hold assets during the distribution phase
2. Indemnification: Optional provisions for trustee indemnification beyond standard release, typically included for complex trusts
3. Interim Administration: Required if there will be a period of interim administration before final distribution
4. Dispute Resolution: Optional section detailing process for resolving any disputes arising from the termination
5. Regulatory Notifications: Required if the trust is regulated by the MFSA or other regulatory bodies
6. Foreign Law Compliance: Required if the trust holds foreign assets or involves cross-border elements
1. Schedule 1 - Trust Assets: Comprehensive list of all trust assets and their current value at termination
2. Schedule 2 - Distribution Plan: Detailed plan showing how assets will be distributed to each beneficiary
3. Schedule 3 - Outstanding Liabilities: List of any outstanding liabilities or obligations of the trust
4. Appendix A - Consents: Copies of written consents from all required parties to the termination
5. Appendix B - Tax Clearances: Copies of any tax clearances or certificates obtained
6. Appendix C - Original Trust Deed: Copy of the original trust deed and any amendments
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