Modification & Termination:

Question 1

Modification by Settlor

Answer 1

Only if expressly reserved.

Question 2

Modification by Court

Answer 2

Cy pres; in express trust, court can deviate from administrative or management provisions, but not the B’s if unforeseen circumstances or necessity.

Question 3

Termination by Revocable Trust

Answer 3

Maj: S may only revoke if expressly reserved.

Min: S has power to revoke, unless expressly said irrevocable.

Question 4

Termination of Irrevocable Trust

Answer 4

(i) If all B’s and S consent;
(ii) if all B’s agree and all material purposes done;
(iii) operation of law – if real property in private trust and T has no active duties.