27.03.2014 Views

uniform trust code - Kansas Judicial Branch

uniform trust code - Kansas Judicial Branch

uniform trust code - Kansas Judicial Branch

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

1<br />

2<br />

3<br />

4<br />

5<br />

6<br />

7<br />

8<br />

9<br />

10<br />

11<br />

12<br />

Withdrawal of the <strong>trust</strong> property is not an event terminating a <strong>trust</strong>. The <strong>trust</strong> remains in<br />

existence although the <strong>trust</strong>ee has no duties to perform unless and until property is later contributed<br />

to the <strong>trust</strong>.<br />

Subsection (b) specifies the persons who have standing to seek court approval or disapproval<br />

of proposed <strong>trust</strong> modifications, terminations, combinations, or divisions. An approval or<br />

disapproval may be sought for an action that does not require court permission, including a petition<br />

questioning the <strong>trust</strong>ee’s distribution upon termination of a <strong>trust</strong> under $50,000 (Section 414), and<br />

a petition to approve or disapprove a proposed <strong>trust</strong> division or consolidation (Section 417).<br />

Subsection (b) makes the settlor an interested person with respect to a judicial proceeding brought<br />

by the beneficiaries under Section 411 to terminate or modify a <strong>trust</strong>. Contrary to Restatement<br />

(Second) of Trusts § 391 (1959), subsection (b) grants a settlor standing to petition the court under<br />

Section 413 to apply cy pres to modify the settlor’s charitable <strong>trust</strong>.<br />

13<br />

14<br />

15<br />

16<br />

17<br />

18<br />

19<br />

20<br />

21<br />

22<br />

23<br />

24<br />

25<br />

26<br />

SECTION 411. MODIFICATION OR TERMINATION OF NONCHARITABLE<br />

IRREVOCABLE TRUST BY CONSENT.<br />

(a) A noncharitable irrevocable <strong>trust</strong> may be modified or terminated upon consent of the<br />

settlor and all beneficiaries, even if the modification or termination is inconsistent with a material<br />

purpose of the <strong>trust</strong>. A settlor’s power to consent to a <strong>trust</strong>’s termination may be exercised by an<br />

agent under a power of attorney only to the extent expressly authorized by the power of attorney or<br />

the terms of the <strong>trust</strong>; by the settlor’s [conservator] with the approval of the court supervising the<br />

[conservatorship] if an agent is not so authorized; or by the settlor’s [guardian] with the approval<br />

of the court supervising the [guardianship] if an agent is not so authorized and a conservator has not<br />

been appointed.<br />

(b) A noncharitable irrevocable <strong>trust</strong> may be terminated upon consent of all of the<br />

beneficiaries if the court concludes that continuance of the <strong>trust</strong> is not necessary to achieve any<br />

material purpose of the <strong>trust</strong>. A noncharitable irrevocable <strong>trust</strong> may be modified upon consent of<br />

all of the beneficiaries if the court concludes that modification is not inconsistent with a material<br />

65

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!