3B:31-30 Modification or termination of uneconomic trust.
3B:31-30. Modification or Termination of Uneconomic Trust.
a.After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
b.The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
c.Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
d.This section does not apply to an easement for conservation or preservation.
L.2015, c.276, s.1.
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Last modified: October 11, 2016