§ 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 […]
§ 35-15-501. Application; Rights of Beneficiary’s Creditor or Assignee
This part applies to a creditor’s or assignee’s claims and ability to reach mandatory, support and discretionary interests regardless of whether such interests are subject to a spendthrift provision. To the extent not otherwise prohibited by this part, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary’s distribution interest […]
§ 35-15-502. Spendthrift Provision
A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary’s interest. A term of a trust providing that the interest of a beneficiary is held subject to a “spendthrift trust,” or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary’s interest. […]
§ 35-15-503. Exceptions to Spendthift Provision
A spendthrift provision is unenforceable against a claim of this state to the extent a statute of this state so provides.
§ 35-15-504. Discretionary Interests — Effect Thereof
A discretionary interest is neither a property interest nor an enforceable right; it is a mere expectancy. Relative to a discretionary interest, whether or not a trust contains a spendthrift provision: No creditor or assignee shall force or otherwise reach a distribution with regard to a discretionary interest; No creditor or assignee shall require a […]
§ 35-15-409. Noncharitable Trust Without Ascertainable Beneficiary
Except as otherwise provided in § 35-15-408 or by another statute, the following rules apply: A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than ninety […]
§ 35-15-410. Modification or Termination of Trust — Proceedings for Approval or Disapproval
In addition to the methods of termination prescribed by §§ 35-15-411 — 35-15-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful or impossible to achieve. A proceeding to approve […]