I am analyzing a trust and am reaching into my brain for the relevant legal principle that is bouncing in my head from Wills and Estates Class.
In this hypo, mean old aunt (MOA) died in the 1960s leaving only one heir, her nephew (Uncle). The terms of the trust specified that the corpus and income of the trust would remain in the hands of the trustee until Uncle reached aged 70 at which time the Uncle would receive the income from the trust. Upon Uncle’s death, the corpus of the trust would be given to Son 1 and Son 2 (both alive at the time and specifically named in the settlement documents; Uncle had no other children, but a wife–still married).
Well, fast forward to today and Uncle is on a very fixed income with a meager income from the trust but a rather substantial, to him, corpus of the trust. Son 1 and Son 2 have nice careers and would like nothing more than Uncle to have the corpus of the trust, and allow it to pass to their mother Aunt 1 upon his death.
I remember something that if all beneficiaries agree to the dissolution of such a trust, a court would order the same. Am I on the right track or completely off base? All disclaimers apply.