Current through codified legislation effective September 18, 2024
Section 19-1304.14 - Termination of uneconomic trust(a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.(b) 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.(c) 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.(d) This section does not apply to an easement for conservation or preservation.Mar. 10, 2004, D.C. Law 15-104, § 2(b), 51 DCR 208.Uniform Law: This section is based upon § 414 of the Uniform Trust Code.