§ 30-4-3-24.5 — Termination by trustee of trust with value less than $75,000

Indiana § 30-4-3-24.5

• Jurisdiction: Indiana
• Art. 4: TRUST CODE
• Ch. 3: Rules Governing the Rights, Powers, Duties, Liabilities,

Text

5. (a) This section does not apply to an
easement for conservation or preservation.
(b) This subsection applies to a trust consisting of trust property
having a total value of less than seventy-five thousand dollars
($75,000). Unless the terms of the trust provide otherwise, the trustee
may terminate the trust:
(1) if the trustee concludes the value of the trust property is
insufficient to justify the cost of administration; and
(2) after providing notice of the trust termination to qualified
beneficiaries.
(c) The trustee may propose the termination of a trust by written
notice to qualified beneficiaries if the trustee, upon review of
surrounding circumstances, concludes that continuation of the trust on
its existing terms would be contrary to the economic best interest of the
trust estate and that early termination would be in the best interests of
the beneficiaries consistent with the settlor's intent. This trust
termination shall occur upon receipt of written consent of all qualified
beneficiaries.
(d) The court may:
(1) modify or terminate a trust; or
(2) remove the trustee and appoint a different trustee;
if the court determines that the value of the trust property is insufficient
to justify the cost of administration. If a trust terminates under this
subsection, the court shall direct the trustee to distribute the trust
property in a manner consistent with the purposes of the trust.
(e) If a trust terminates under subsection (c), the trustee shall
distribute the trust property in a manner consistent with the purposes
of the trust.

Legislative History

As added by P.L.238-2005, SEC.36. Amended by P.L.221-2019, SEC.5; P.L.231-2019, SEC.26.