15 Guam Code Ann. § 3309
Terms Used In 15 Guam Code Ann. § 3309
- 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
- Continuance: Putting off of a hearing ot trial until a later time.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
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15 Guam Code Ann. ESTATES AND PROBATE
CH. 33 ADMINISTRATION OF TRUSTS
(a) If upon petition of the trustee or any beneficiary of a testamentary trust, the Superior Court shall at any time determine that the fair market value of the principal of the trust has become so low, in relation to the costs of administration thereof, that continuance of the trust pursuant to its existing terms will defeat or substantially impair the accomplishment of the purposes of the trust, the Superior Court may, in its discretion in a manner which conforms as nearly as possible to the intention of the trustor, order that the trustee be changed, that the terms of the trust be modified, or that the trust be terminated, in whole or in part.
(b) If the Superior Court orders the termination of a testamentary trust, in whole or in part, it shall direct that the principal and undisturbed income be distributed to the beneficiaries in a manner which conforms as nearly as possible to the intention of the trustor; and the Superior Court may make such other and further orders as it deems necessary or appropriate to protect the interests of the beneficiaries.
(c) Nothing contained in this Section shall limit any power of the Superior Court to permit modification or termination of any trust, as such power existed before the adoption of this Section.
(d) The existence of a spendthrift or similar protective provision in a testamentary trust shall not make this Section inapplicable to such trust.
SOURCE: California Probate Code, § 1120.6.