(1) The court may modify the administrative or dispositive terms of a trust or terminate the trust if modification or termination will further the purposes of the trust and the modification or termination is requested by reason of circumstances not anticipated by the settlor. To the extent practicable, the modification must be made in accordance with the settlor’s probable intention.

will 560x170

Need help with a review of a will?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Oregon Statutes 130.205

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.

(2) The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful, or would impair the trust’s administration.

(3) A trustee may terminate a trust if:

(a) Termination is appropriate by reason of circumstances not anticipated by the settlor;

(b) Termination will not be inconsistent with the material purposes of the trust;

(c) All qualified beneficiaries have consented to the termination;

(d) The trustee is not a beneficiary of the trust and has no duty of support for any beneficiary of the trust; and

(e) In the case of a charitable trust, the Attorney General has consented to the termination.

(4) 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. [2005 c.348 § 32; 2007 c.515 § 1; 2009 c.275 § 12]

 

  Previous section
Next section  
 Creation, Validity, Modification and Termination of Trust Contents