Fla. Stat. § 736.0414 – Florida Statutes
Text of Fla. Stat. § 736.0414
Modification or termination of uneconomic trust.—
(1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(2) Upon application of a trustee or any qualified beneficiary, the court may modify or terminate a trust or remove the trustee and appoint a different trustee if the court 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 shall distribute the trust property in a manner consistent with the purposes of the trust. The trustee may enter into agreements or make such other provisions that the trustee deems necessary or appropriate to protect the interests of the beneficiaries and the trustee and to carry out the intent and purposes of the trust.
(4) The existence of a spendthrift provision in the trust does not make this section inapplicable unless the trust instrument expressly provides that the trustee may not terminate the trust pursuant to this section.
(5) This section does not apply to an easement for conservation or preservation.
History of Fla. Stat. § 736.0414
Fla. Stat. § 736.0414 became law on July 1, 2007 as part of the Florida Trust Code. It has not been amended or revised since that date.
Cases Citing Fla. Stat. § 736.0414
Currently, no cases cite or reference Fla. Stat. § 736.0414.