Kentucky Statutes 386B.4-140 – Modification or termination of uneconomic trust
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(1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property or a personal representative holding or controlling an amount directed by will to be held in trust, having a total value less than one hundred thousand dollars ($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.
(2) 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.
(3) Upon termination of a trust under this section, the trustee or personal representative shall distribute the trust property in a manner consistent with the purposes of the trust.
(4) This section does not apply to an easement for conservation or preservation.
(5) The District Court shall have exclusive jurisdiction over matters under this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 36, effective July 15, 2014.
(2) 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.
Terms Used In Kentucky Statutes 386B.4-140
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(3) Upon termination of a trust under this section, the trustee or personal representative shall distribute the trust property in a manner consistent with the purposes of the trust.
(4) This section does not apply to an easement for conservation or preservation.
(5) The District Court shall have exclusive jurisdiction over matters under this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 36, effective July 15, 2014.