§ 414. Modification or termination of uneconomic trust
§ 414. Modification or 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 $100,000.00 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. (b) […]
§ 415. Reformation to correct mistakes
§ 415. Reformation to correct mistakes The Probate Division of the Superior 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 […]
§ 406. Creation of trust induced by fraud, duress, or undue influence
§ 406. Creation of trust induced by fraud, duress, or undue influence A trust is void to the extent its creation was induced by fraud, duress, or undue influence. (Added 2009, No. 20, § 1.)
§ 407. Evidence of oral trust
§ 407. Evidence of oral trust Except as required by a statute other than this title, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. (Added 2009, No. 20, § 1.)
§ 408. Trust for care of animal
§ 408. Trust for care of animal (a) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s […]
§ 409. Noncharitable trust without ascertainable beneficiary
§ 409. Noncharitable trust without ascertainable beneficiary Except as otherwise provided in section 408 of this title or by another statute, the following rules apply: (1) 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 […]
§ 410. Modification or termination of trust; proceedings for approval or disapproval
§ 410. Modification or termination of trust; proceedings for approval or disapproval (a) In addition to the methods of termination prescribed by sections 411 through 414 of this title, 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 […]
§ 411. Modification or termination of noncharitable irrevocable trust by consent
§ 411. Modification or termination of noncharitable irrevocable trust by consent (a) A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust. If, upon petition, the Probate Division of the Superior Court finds […]
§ 412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively
§ 412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively (a) The Probate Division of the Superior 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 […]
§ 413. Cy pres
§ 413. Cy pres (a) Except as otherwise provided in subsection (b) of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (1) the trust does not fail, in whole or in part; (2) the trust property does not revert to the settlor or the settlor’s successors in interest; […]