Document background
The Deed of Termination of Trust is a crucial document used in Nigerian legal practice when parties wish to formally conclude a trust arrangement. It becomes necessary when the trust purpose has been fulfilled, all beneficiaries agree to termination, or when continuation of the trust is no longer practical or beneficial. The document must comply with Nigerian trust law, particularly the Trustee Act and Property and Conveyancing Law, and requires careful consideration of tax implications and asset transfer requirements. This deed serves multiple purposes: it formally terminates the trust, provides for asset distribution, releases trustees from their duties, and includes necessary indemnities and releases. It's particularly important in both private wealth management and corporate contexts, requiring thorough documentation of all trust assets and their final disposition.
