A. After notice to the qualified beneficiaries, the trustee of a trust that consists of trust property having a total value of less than one hundred thousand dollars or that is uneconomic to administer may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. This subsection does not apply to an interested trustee as defined in section 14-11014.

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Terms Used In Arizona Laws 14-10414

  • Court: means the superior court. See Arizona Laws 14-1201
  • Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership. See Arizona Laws 14-10103
  • Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional and successor trustee and a cotrustee. See Arizona Laws 14-10103

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. On 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.

 

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