Arizona § 14-10411 Modification or termination of noncharitable irrevocable trust by consent

Arizona Statutes

§ 14-10411 — Modification or termination of noncharitable irrevocable trust by consent

Arizona·Title 14 Arizona Revised Statutes·Ch. 11 ARIZONA TRUST CODE·Art. 4 Creation, Validity, Modification and Termination of Trust

A.A noncharitable irrevocable trust may be terminated on consent of all of the beneficiaries if the court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust. A noncharitable irrevocable trust may be modified on consent of all of the beneficiaries if the court concludes that modification is not inconsistent with a material purpose of the trust.

B.On termination of a trust under subsection A, the trustee shall distribute the trust property as agreed by the beneficiaries.

C.If not all of the beneficiaries consent to a proposed modification or termination of the trust under subsection A, the modification or termination may be approved by the court if the court is satisfied that:

1.If all of the beneficiaries had consented, the trust cou

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A. A noncharitable irrevocable trust may be terminated on consent of all of the beneficiaries if the court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust. A noncharitable irrevocable trust may be modified on consent of all of the beneficiaries if the court concludes that modification is not inconsistent with a material purpose of the trust.

B. On termination of a trust under subsection A, the trustee shall distribute the trust property as agreed by the beneficiaries.

C. If not all of the beneficiaries consent to a proposed modification or termination of the trust under subsection A, the modification or termination may be approved by the court if the court is satisfied that:

1. If all of the beneficiaries had consented, the trust could have been modified or terminated under this section.

2. The interests of a beneficiary who does not consent will be adequately protected.

Arizona § 14-10411 (Modification or termination of noncharitable irrevocable trust by consent) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.