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Haw. Rev. Stat. § 554D-414

Modification or termination of uneconomic trust

Known as the Uniform Trust Code

The act spans §§ 554–554 (99 sections).

L 2021, c 32, pt of §2

(a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value of less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.

(b) The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.

(c) 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.

(d) This section shall not apply to an easement for conservation or preservation.

Official source: Hawaii State Legislature. Reproduced from public-domain Hawaii statutes; confirm against the official source for the current text. Not legal advice.