633.2205  Noncharitable trust with uneconomically low value.

1.  On petition by a trustee or beneficiary, the court may terminate or modify a noncharitable trust or appoint a new trustee if the court determines that the value of the trust property is insufficient to justify the cost of administration involved and that continuation of the trust under its existing terms would defeat or significantly impair the accomplishment of the trust purposes.

2.  Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the probable intention of the settlor under the circumstances.

Section History: Recent form

  99 Acts, ch 125, §18, 109

Internal References

  Referred to in § 633.2201


  Section effective July 1, 2000; 99 Acts, ch 125, § 109

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