New Jersey § 3b:31-27

§ 3b:31-27.

Modification or Termination of Noncharitable Irrevocable Trust by Consent. a. A noncharitable irrevocable trust may be modified or terminated upon consent of

the trustee and all beneficiaries, if the modification or termination is not inconsistent

with a material purpose of the trust. b. A noncharitable irrevocable trust may be terminated upon consent of all of the

beneficiaries if the court concludes that continuance of the trust is not necessary

to achieve any material purpose of the trust. A noncharitable irrevocable trust may be modified upon consent of all of the beneficiaries

if the court concludes that modification is not inconsistent with a material purpose

of the trust. c. A spendthrift provision in the terms of the trust is not presumed to constitute

a material purpose of the trust. d. Upon termination of a trust under subsection a. or b. of this section, the trustee

shall distribute the trust property as agreed by the beneficiaries. e. If not all of the beneficiaries consent to a proposed modification or termination

of the trust under subsection a. or b. of this section, the modification or termination

may be approved by the court if the court is satisfied that: (1) if all of the beneficiaries had consented, the trust could have been modified

or terminated under this section; and (2) the interests of a beneficiary who does not consent will be adequately protected.