(1) A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust.
(2) A settlor's power to consent to a trust's modification or termination may be exercised by: an agent under a power of attorney only to the extent expressly authorized by the power of attorney or the terms of the trust;
(3) the settlor's conservator with the approval of the court supervising the conservatorship if an agent is not so authorized; or
(4) the settlor's guardian with the approval of the court supervising the guardianship if an agent is not so authorized and a conservator has not been appointed.
(5) A noncharitable irrevocable trust may be: terminated upon consent of all of the beneficiaries if a court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust; or
(6) modified upon consent of all of the beneficiaries if a court concludes that modification is not inconsistent with a material purpose of the trust.
(7) A spendthrift provision in the terms of the trust is presumed to constitute a material purpose of the trust.
(8) Upon termination of a trust under subsection (a) or (b), the trustee shall distribute the trust property as agreed by the beneficiaries.
(9) If not all of the beneficiaries consent to a proposed modification or termination of the trust under subsection (a) or (b), the modification or termination may be approved by a court if the court is satisfied that: if all of the beneficiaries had consented, the trust could have been modified or terminated under this section; and
(10) the interests of a beneficiary who does not consent will be adequately protected.