Section 55-3-24 - Modification or termination of trust--Consent required--Distribution of property--Exercise of powers of trustee by agent or conservator.
55-3-24. Modification or termination of trust--Consent required--Distribution of property--Exercise of powers of trustee by agent or conservator. An irrevocable trust may be modified or terminated upon the consent of all of the beneficiaries if continuance of the trust on its existing terms is not necessary to carry out a material purpose. Whether or not continuance of the trust on its existing terms is necessary to carry out a material purpose, an irrevocable trust may be modified or terminated upon the consent of the trustor and all of the beneficiaries. Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention or in any other manner as agreed by all the beneficiaries. The trustor's powers with respect to termination or modification may be exercised by an agent under a power of attorney only to the extent the power of attorney expressly so authorizes. A conservator may exercise the trustor's powers under this section only if approved by the court supervising the conservatorship. If the consent of a person under disability is required, such consent may be given by any person upon whom notice may be served pursuant to § 55-3-35.
Source: SL 1998, ch 282, § 2; SL 2004, ch 312, § 9.