- (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.
L. 2002, ch. 133, § 35; L. 2022, ch. 12, § 2; July 1.