§ 18-4-25 - Consolidation or division of trusts.
SECTION 18-4-25
§ 18-4-25 Consolidation or division oftrusts. – (a) Upon petition by a trustee, beneficiary, or any party in interest and forgood cause shown, the court, after notice to all parties in interest and ahearing, may order the division of a trust into two (2) or more single trusts,or consolidate two (2) or more trusts which have either a common creator orcommon beneficiaries into a single trust, upon terms and conditions that itdeems appropriate; provided, that it is satisfied that:
(1) Consolidation or division is not inconsistent with theintent of the creator of the trust with regard to any trust to be consolidatedor divided; and
(2) Consolidation or division would be in the best interestof the beneficiaries as a whole, taking into account tax, legal,administrative, and/or other considerations and would not materially impair therespective interests of the beneficiaries as a whole.
(b) This section shall apply to all trusts whenever created,whether inter vivos or testamentary, whether created by the same or differentinstruments, whether created by the same or different persons, and regardlessof where created or administered.
(c) This section shall not limit the right of a trustee,acting in accordance with the applicable provisions of the governinginstrument, to divide or consolidate trusts.