Montana Code 72-38-414. Modification or termination of uneconomic trust
72-38-414. Modification or termination of uneconomic trust. (1) 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.
Terms Used In Montana Code 72-38-414
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Montana Code 72-38-103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103
(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 shall distribute the trust property in a manner consistent with the purposes of the trust.