New Jersey Statutes
§ 3B:31-30 — Modification or termination of uneconomic trust.
New Jersey·Title 3B ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS
3B:31-30. Modification or Termination of Uneconomic 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 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 an easement for conservation or preservation. L.2015, c.276, s.1
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Nearby Sections
15
§ 3B:31-11
Nonjudicial settlement agreements.§ 3B:31-12
Rules of construction.§ 3B:31-13
Representation: basic effect.§ 3B:31-17
Appointment of representative.§ 3B:31-18
Methods of creating trust.§ 3B:31-19
Requirements for creation.§ 3B:31-2
Scope.§ 3B:31-21
Trust purposes.§ 3B:31-22
Charitable purposes, enforcement.