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30-4-3-24.4. Modification or termination of trust by court

IN Code § 30-4-3-24.4 (2019) (N/A)
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Sec. 24.4. (a) The court may modify the administrative or dispositive terms of a trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification must be made in accordance with the settlor's probable intention.

(b) The court may modify the administrative terms of a trust or terminate the trust if:

(1) the purpose of the trust has been fulfilled; or

(2) continuation of the trust on the trust's existing terms would:

(A) be illegal, impossible, impracticable, or wasteful; or

(B) impair the trust's administration.

(c) If the trust terminates under this section, the court shall direct the trustee to distribute the trust property in a manner consistent with the purposes of the trust.

(d) The court may modify the terms of a trust to give the settlor the power to revoke and modify the trust if the:

(1) settlor intended to reserve the power;

(2) settlor believed the power was reserved; and

(3) power was omitted from the terms of the trust by mistake.

As added by P.L.238-2005, SEC.35.

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30-4-3-24.5. Termination by trustee of trust with value less than $75,000