Part 6 Termination and variation of trusts

121 Termination of trust by unanimous consent of beneficiaries

(1)

A trustee must terminate the trust and distribute the trust property on being required to do so by all of the beneficiaries who together hold all of the beneficial interest in the trust property if the conditions set out in subsection (2) are satisfied.

(2)

The conditions for the termination of the trust are that—

(a)

every beneficiary consents to requiring the trustee to terminate the trust and distribute the trust property; and

(b)

the trustee receives a request to terminate the trust and distribute the trust property from or on behalf of each beneficiary; and

(c)

if any of the beneficiaries is a beneficiary described in section 124(2), the court has made an order under section 124 approving the termination of the trust on behalf of that beneficiary.

(3)

The condition in subsection (2)(b) is satisfied if—

(a)

the beneficiaries provide a written request to the trustee to terminate the trust and distribute the trust property; and

(b)

the notice is signed by each beneficiary or by the duly authorised agent of that beneficiary.