58a-414. Termination of uneconomic trust.
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58a-414. Termination of uneconomic trust.
(a)After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $250,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(b)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.
(c)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.
(d)This section does not apply to:
(1)An easement for conservation or preservation; or
(2)any trust if assets are distributable to the trustee or anyone the trustee is obligated to support.