§ 35-15-414. Modification or Termination of Uneconomic Trust
After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having either a total value less than one hundred thousand dollars ($100,000) or for which the trustee’s annual fee for administering the trust, as set forth in the trustee’s published fee schedule, is five percent (5%) or more of the […]
§ 35-15-415. 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.
§ 35-15-416. 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.
§ 35-15-417. Combination and Division of Trusts
After notice to the qualified beneficiaries, a trustee may combine two (2) or more trusts into a single trust or divide a trust into two (2) or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect the achievement of the purposes of the trust. If the trusts to […]
§ 35-15-412. Modification or Termination Because of Unanticipated Circumstances or Inability to Administer Trust Effectively
The court may modify the administrative or dispositive terms of a trust or terminate the 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. The court may modify […]
§ 35-15-413. Cy Pres
Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, obsolete or ineffective: The trust does not fail, in whole or in part; The trust property does not revert to the settlor or the settlor’s successors in interest; and The court may apply cy pres to modify […]
§ 35-15-402. Requirements for Creation
A trust is created only if: The settlor has capacity to create a trust; The settlor indicates an intention to create the trust; The trust has a definite beneficiary or is: A charitable trust; A trust for the care of an animal, as provided in § 35-15-408; or A trust for a noncharitable purpose, as […]
§ 35-15-403. Trusts Created in Other Jurisdictions
A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation: The settlor was domiciled, had a place of abode, or was a national; A trustee was […]
§ 35-15-404. Trust Purposes
A trust may be created only to the extent its purposes are lawful and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries as the interests of such beneficiaries are defined under the terms of the trust.
§ 35-15-405. Charitable Purposes — Enforcement
A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. If the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, the court […]