456.4-414. Modification or termination of uneconomic trust. - Missouri Statutes

Modification or termination of uneconomic trust.

456.4-414. 1. After notice to the qualified beneficiaries, thetrustee of a trust consisting of trust property having a total value lessthan one hundred thousand dollars may terminate the trust if the trusteeconcludes that the value of the trust property is insufficient to justifythe cost of administration.

2. The court may modify or terminate a trust or remove the trusteeand appoint a different trustee if it determines that the value of thetrust property is insufficient to justify the cost of administration.

3. Upon termination of a trust under this section, the trustee shalldistribute the trust property in a manner consistent with the purposes ofthe trust.

4. This section does not apply to an easement for conservation orpreservation.

(L. 2004 H.B. 1511)

Effective 1-01-05