633A.2203 - TERMINATION OF IRREVOCABLE TRUST OR MODIFICATION OF DISPOSITIVE PROVISIONS OF IRREVOCABLE TRUST BY COURT.
633A.2203 TERMINATION OF IRREVOCABLE TRUST OR MODIFICATION OF DISPOSITIVE PROVISIONS OF IRREVOCABLE TRUST BY COURT. 1. An irrevocable trust may be terminated or its dispositive provisions modified by the court with the consent of all of the beneficiaries if continuance of the trust on the same or different terms is not necessary to carry out a material purpose. 2. Upon termination of the trust, the court shall order the distribution of trust property in accordance with the probable intention of the settlor. 3. For purposes of this section, the consent of a person who may bind a beneficiary is considered the consent of the beneficiary. 4. For the purposes of this section, removal of the trustee or the addition of a provision to the trust instrument allowing a beneficiary or a group of beneficiaries to remove the trustee or to appoint a new trustee shall not be allowed as a modification under this section. This subsection shall not operate to limit the scope of dispositive provisions for the purposes of this section.
Section History: Recent Form 99 Acts, ch 125, §17, 109; 2000 Acts, ch 1150, §10 C2001, §633.2203 2005 Acts, ch 38, §54 CS2005, §633A.2203 2009 Acts, ch 52, §9, 14 Referred to in § 633A.2201, 633A.6301, 633A.6308
Footnotes 2009 amendment to this section applies to all proceedings to modify dispositive provisions of or to terminate an irrevocable trust on or after July 1, 2009; 2009 Acts, ch 52, §14