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.
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
Trustee: A person or institution holding and administering property in trust.
(2)
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.
(3)
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.
(4)
This section does not apply to an easement for conservation or preservation.
