§ 7740.1. Modification or termination of noncharitable irrevocable trust by consent - UTC 411
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: November 6, 2006
Effective: November 6, 2006
20 Pa.C.S.A. § 7740.1
§ 7740.1. Modification or termination of noncharitable irrevocable trust by consent - UTC 411
(a) Consent by settlor and beneficiaries.--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. A settlor's power to consent to a trust's modification or termination may be exercised by a guardian, an agent under the settlor's general power of attorney or an agent under the settlor's limited power of attorney that specifically authorizes that action. Notwithstanding Subchapter C (relating to representation), the settlor may not represent a beneficiary in the modification or termination of a trust under this subsection.
(b) Consent by beneficiaries with court approval.--A noncharitable irrevocable trust may be modified upon the consent of all the beneficiaries only if the court concludes that the modification is not inconsistent with a material purpose of the trust. A noncharitable irrevocable trust may be terminated upon consent of all the beneficiaries only if the court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust.
Credits
2006, July 7, P.L. 625, No. 98, § 9, effective in 120 days [Nov. 6, 2006].
20 Pa.C.S.A. § 7740.1, PA ST 20 Pa.C.S.A. § 7740.1
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |