58a-414. 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 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(b) 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.
(c) 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.
(d) This section does not apply to an easement for conservation or preservation.
(e) This section does not apply to any trust if its assets are distributable to the trustee or anyone the trustee is obligated to support.
History: L. 2002, ch. 133, ยง 35; Jan. 1, 2003.
Structure Kansas Statutes
Chapter 58a - Kansas Uniform Trust Code
Article 4 - Creation, Validity, Modification, And Termination Of Trust
58a-401 Methods of creating trust.
58a-402 Requirements for creation.
58a-403 Trusts created in other jurisdictions.
58a-405 Charitable purposes; enforcement.
58a-406 Creation of trust induced by fraud, duress, or undue influence.
58a-407 Evidence of oral trust.
58a-408 Trust for care of animal.
58a-409 Noncharitable trust without ascertainable beneficiary.
58a-410 Modification or termination of trust; proceedings for approval or disapproval.
58a-411 Modification or termination of noncharitable irrevocable trust by consent.
58a-414 Termination of uneconomic trust.
58a-415 Reformation to correct mistakes.
58a-416 Modification to achieve settlor's tax objectives.