Substitute House Bill No. 5515
Public Act No. 03-183
AN ACT CONCERNING THE TERMINATION OF SMALL TRUSTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (a) of section 45a-484 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):
(a) Except as otherwise provided by the trust or section 45a-520 with respect to charitable trusts, a probate court having jurisdiction under this section may terminate a trust, in whole or in part, on application therefor by the trustee, by any beneficiary entitled to income from the trust, or by such beneficiary's legal representative, after reasonable notice to all beneficiaries who are known and in being and who have vested or contingent interests in the trust, and after holding a hearing, if the court determines that all of the following apply: (1) The continuation of the trust is (A) uneconomic when the costs of operating the trust, probable income and other relevant factors are considered, or (B) not in the best interest of the beneficiaries; (2) the termination of the trust is equitable and practical; and (3) the current market value of the trust does not exceed the sum of [forty] one hundred thousand dollars.
Approved June 26, 2003