§ 53-12-60. Reformation to Correct Mistakes
If it is proved by clear and convincing evidence that the trust provisions were affected by a mistake of fact or law, whether in expression or inducement, the court may reform the trust provisions, even if unambiguous, to conform the provisions to the settlor’s intention. A petition for reformation may be filed by the trustee, […]
§ 53-12-61. Power to Direct Modification or Termination; Petition to Modify or Terminate Irrevocable Trust; Proceeding to Approve Proposed Modification or Termination; Distribution of Trust Property Under Order for Termination; Waiver of Notice
The trust instrument may confer upon a trustee or other person a power to modify or terminate the trust without court approval. During the settlor’s lifetime, the court shall approve a petition to modify or terminate an irrevocable trust, even if the modification or termination is inconsistent with a material purpose of the trust, if […]
§ 53-12-62. Power of Trustee to Invade Principal of Original Trust
As used in this Code section, the term: “Original trust” refers to the trust from which principal is being distributed. “Second trust” refers to the trust to which assets are being distributed from the original trust, whether a separate trust or an amended version of the original trust. As used in this subsection, the term […]
§ 53-12-65. Modification or Termination of Uneconomic Trust
After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property either having a total value less than $100,000.00 or for which the trustee’s annual fee for administering the trust is 5 percent or more of the market value of the principal assets of the trust as of the last day […]