Sec. 24.5. (a) This section does not apply to an easement for conservation or preservation.

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Terms Used In Indiana Code 30-4-3-24.5

  • Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Settlor: means a person who establishes a trust including the testator of a will under which a trust is created. See Indiana Code 30-4-1-2
  • Trust estate: means the trust property and the income derived from its use. See Indiana Code 30-4-1-2
  • Trust property: means property either placed in trust or purchased or otherwise acquired by the trustee for the trust regardless of whether the trust property is titled in the name of the trustee or the name of the trust. See Indiana Code 30-4-1-2
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
     (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 trustee may propose the termination of a trust by written notice to qualified beneficiaries if the trustee, upon review of surrounding circumstances, concludes that continuation of the trust on its existing terms would be contrary to the economic best interest of the trust estate and that early termination would be in the best interests of the beneficiaries consistent with the settlor‘s intent. This trust termination shall occur upon receipt of written consent of all qualified beneficiaries.

     (d) 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.

     (e) If a trust terminates under subsection (c), 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. Amended by P.L.221-2019, SEC.5; P.L.231-2019, SEC.26.

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