(1) Upon petition by a trustee, beneficiary, or any other interested person, the court may, for good cause shown, after a hearing and upon notice pursuant to section 15-10-401 to those interested persons as the court may direct, divide a trust into two or more separate trusts, or may consolidate two or more separate trusts into a single trust, upon such terms and conditions as it deems appropriate, if the court finds that such consolidation or division:
(a) Is not inconsistent with the intent of the settlor or testator with regard to any trust to be consolidated or divided;
(b) Would facilitate administration of each trust; and
(c) Would be in the best interest of all the beneficiaries of each trust and not materially impair their respective interests.
(2) Subsection (1) of this section shall apply to all trusts, whenever created, whether inter vivos or testamentary, whether created by the same or different instruments or by the same or different persons, and regardless of where created or administered.
(3) Subsection (1) of this section shall not limit the right of a trustee acting in accordance with the applicable provisions of the governing instruments to divide or consolidate trusts.
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