386B.4 -140 Modification or termination of uneconomic trust. (1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property or a personal representative holding or controlling an amount directed by will to be held in trust, having a total value less than one hundred thousand dollars ($100,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. (2) The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration. (3) Upon termination of a trust under this section, the trustee or personal representative shall distribute the trust property in a manner consistent with the purposes of the trust. (4) This section does not apply to an easement for conservation or preservation. (5) The District Court shall have exclusive jurisdiction over matters under this section. Effective: July 15, 2014 History: Created 2014 Ky. Ac ts ch. 25, sec. 36, effective July 15, 2014.
Kentucky Legal Code