2017 Indiana Code
TITLE 30. Trusts and Fiduciaries
ARTICLE 4. TRUST CODE
CHAPTER 3. Rules Governing the Rights, Powers, Duties, Liabilities, and Remedies of the Parties to a Trust
30-4-3-24.5. Termination by trustee of trust with value less than $75,000
Sec. 24.5. (a) This section does not apply to an easement for conservation or preservation.
(b) This subsection applies to a trust consisting of trust property having a total value of less than seventy-five thousand dollars ($75,000). Unless the terms of the trust provide otherwise, the trustee may terminate the trust:
(1) if the trustee concludes the value of the trust property is insufficient to justify the cost of administration; and
(2) after providing notice of the trust termination to qualified beneficiaries.
(c) The court may:
(1) modify or terminate a trust; or
(2) remove the trustee and appoint a different trustee;
if the court determines that the value of the trust property is insufficient to justify the cost of administration. If a trust terminates under this subsection, the court shall direct the trustee to distribute the trust property in a manner consistent with the purposes of the trust.
(d) If a trust terminates under subsection (b), the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
As added by P.L.238-2005, SEC.36.
