Sec. 24.4. (a) The
court may modify the administrative or dispositive terms of a trust if, because of circumstances not anticipated by the
settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification must be made in accordance with the settlor’s probable intention.
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Terms Used In Indiana Code 30-4-3-24.4
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- 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 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
(1) the purpose of the trust has been fulfilled; or
(2) continuation of the trust on the trust’s existing terms would:
(A) be illegal, impossible, impracticable, or wasteful; or
(B) impair the trust’s administration.
(c) If the trust terminates under this section, the court shall direct the trustee to distribute the trust property in a manner consistent with the purposes of the trust.
(d) The court may modify the terms of a trust to give the settlor the power to revoke and modify the trust if the:
(1) settlor intended to reserve the power;
(2) settlor believed the power was reserved; and
(3) power was omitted from the terms of the trust by mistake.
As added by P.L.238-2005, SEC.35.
