18-B §412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively - Maine Statutes

Title 18-B: TRUSTS HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05

Part 1: MAINE UNIFORM TRUST CODE HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05

Chapter 4: CREATION, VALIDITY, MODIFICATION AND TERMINATION OF TRUST HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05

§412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively

1. Modification or termination. 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.

[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]

2. Modification of administrative terms. The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust's administration.

[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]

3. Distribution after termination. Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.

[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]

SECTION HISTORY

2003, c. 618, §A1 (NEW). 2003, c. 618, §A2 (AFF).