2006 Alabama Code - Section 19-3-323 — Termination of small trusts where continued administration too costly; actions by trustee to carry out trust purpose.

If a trustee has determined that the market value of a trust is less than twenty-five thousand dollars ($25,000.00) and that, relative to the cost of administrating the trust, continuance pursuant to its existing terms will defeat or substantially impair the accomplishment of its purposes, the trustee may terminate the trust and distribute the trust property, including principal and undistributed income to the beneficiaries in a manner which conforms as nearly as possible with the intent of the settlor. The trustee may enter into agreements or make other provisions necessary or appropriate to protect the interest of the beneficiaries and the trustee to carry out the intent and purpose of the trust. This section shall apply to all trusts, without regard to the dispositive provisions of the trust instrument, unless the trust instrument expressly provides that the trustee may not terminate the trust pursuant to this section.

(Acts 1995, No. 95-310, p. 571, §4.)