Termination by trustee of trust with value less than $75,000
Sec. 24.5. (a) This section does not apply to an easement for
conservation or preservation.
(b) This subsection applies to a trust consisting of trust property
having a total value of less than seventy-five thousand dollars
($75,000). Unless the terms of the trust provide otherwise, the trustee
may terminate the trust:
(1) if the trustee concludes the value of the trust property is
insufficient to justify the cost of administration; and
(2) after providing notice of the trust termination to qualified
beneficiaries.
(c) The court may:
(1) modify or terminate a trust; or
(2) remove the trustee and appoint a different trustee;
if the court determines that the value of the trust property is
insufficient to justify the cost of administration. If a trust terminates
under this subsection, the court shall direct the trustee to distribute
the trust property in a manner consistent with the purposes of the
trust.
(d) If a trust terminates under subsection (b), the trustee shall
distribute the trust property in a manner consistent with the purposes
of the trust.
As added by P.L.238-2005, SEC.36.
Last modified: May 27, 2006