55-544.14 - Modification or termination of uneconomic trust. - Virginia Statutes

§ 55-544.14. Modification or termination of uneconomic trust.

A. After notice to the qualified beneficiaries, the trustee of a trustconsisting of trust property having a total value less than $100,000 mayterminate the trust if the trustee concludes that the value of the trustproperty is insufficient to justify the cost of administration.

B. The court may modify or terminate a trust or remove the trustee andappoint a different trustee if it determines that the value of the trustproperty is insufficient to justify the cost of administration.

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

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

(2005, c. 935.)