3B:31-70 Distribution upon termination.
3B:31-70. Distribution Upon Termination.
a. Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.
b. Upon termination or partial termination of a trust, the trustee may mail or deliver a proposal for distribution to all persons who have a right to object to the proposed distribution. The proposal shall notify all persons who have a right to object to the proposal of their right to object and that their objection is required to be in writing and received by the trustee within 30 days after the mailing or delivery of the proposal. The right of any person to object to the proposed distribution on the basis of the kind or value of asset he or another beneficiary is to receive, if not waived earlier in writing, terminates if he fails to object in writing received by the trustee within 30 days after mailing or delivery of the proposal.
L.2015, c.276, s.1.