LD 921
pg. 18
Page 17 of 58 PUBLIC Law Chapter 618 Page 19 of 58
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LR 466
Item 1

 
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.

 
2.__Modification, termination, new trustee by court.__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.__Distribution after termination.__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.

 
4.__Easement for conservation or preservation.__This section
does not apply to an easement for conservation or preservation.

 
§415.__Reformation to correct mistakes

 
The court may reform the terms of a trust, even if
unambiguous, to conform the terms to the settlor's intention if
it is proved by clear and convincing evidence that both the
settlor's intent and the terms of the trust were affected by a
mistake of fact or law, whether in expression or inducement.

 
§416.__Modification to achieve settlor's tax objectives

 
To achieve the settlor's tax objectives, the court may modify
the terms of a trust in a manner that is not contrary to the
settlor's probable intention. The court may provide that the
modification has retroactive effect.

 
§417.__Combination and division of trusts

 
After notice to the qualified beneficiaries, a trustee may
combine 2 or more trusts into a single trust or divide a trust
into 2 or more separate trusts, if the result does not impair
rights of any beneficiary or adversely affect achievement of the
purposes of the trust.

 
CHAPTER 5

 
CREDITOR'S CLAIMS; SPENDTHRIFT AND

 
DISCRETIONARY TRUSTS

 
§501.__Rights of beneficiary's creditor or assignee

 
To the extent a beneficiary's interest is not protected by a
spendthrift provision, the court may authorize a creditor or


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