WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES Trusts: Provide for Termination of Irrevocable Trusts in Certain Circumstances

The Act provides for the termination of otherwise irrevocable trusts which have become economically unfeasible to administer. A court is permitted to terminate such trusts under certain circumstances upon petition by the trustee or any beneficiary of the trust. The Act repeals Code section 53-12-25, which provided that a trust could be created only for a minor, an incompetent, or a person unfit to be entrusted with the management of property.