New Hampshire § 564-B:4-414 Modification or Termination of Uneconomic Trust

New Hampshire Statutes

§ 564-B:4-414 — Modification or Termination of Uneconomic Trust

New Hampshire·Title LVI PROBATE COURTS AND DECEDENTS' ESTATES·Ch. 564-B NEW HAMPSHIRE TRUST CODE·Subdivision ARTICLE 4CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST

(a)After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if:

(1)The trustee concludes that the value of the trust property is insufficient to justify the cost of administration; and

(2)Within 30 days after the notice was sent to the qualified beneficiaries, a beneficiary does not notify the trustee of the beneficiary's objection to the trust's termination.

(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

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(a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if:
(1) The trustee concludes that the value of the trust property is insufficient to justify the cost of administration; and
(2) Within 30 days after the notice was sent to the qualified beneficiaries, a beneficiary does not notify the trustee of the beneficiary's objection to the trust's termination.
(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 an easement for conservation or preservation or to a fund held or created by a town or other municipality under RSA 31:19 or RSA 31:19-a.

New Hampshire § 564-B:4-414 (Modification or Termination of Uneconomic Trust) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.