2006 Code of Virginia § 55-544.14 - Modification or termination of uneconomic trust.
55-544.14. Modification or termination of uneconomic trust.
A. After notice to the qualified beneficiaries, the trustee of a trustconsisting of trust property having a total value less than $100,000 mayterminate the trust if the trustee concludes that the value of the trustproperty is insufficient to justify the cost of administration.
B. The court may modify or terminate a trust or remove the trustee andappoint a different trustee if it determines that the value of the trustproperty is insufficient to justify the cost of administration.
C. Upon termination of a trust under this section, the trustee shalldistribute the trust property in a manner consistent with the purposes of thetrust.
D. This section does not apply to an easement for conservation orpreservation.
(2005, c. 935.)
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