(a) If upon petition of the trustee, personal representative of the decedent's estate, or any beneficiary, the court having jurisdiction over a trust, regardless of any spendthrift or similar protective provisions, finds that:

(1) The costs of administration of the trust are such that the continuance of the trust, the establishment of the trust if it is to be established, or the distribution from a probate estate, would defeat or substantially impair the purposes of the trust;

(2) The purpose of the trust has been fulfilled or has become illegal or impossible of fulfillment; or

(3) Owing to circumstances not known to the grantor, donor, or settlor and not anticipated by the grantor, donor, or settlor, the continuance of the trust would defeat or substantially impair the accomplishment of the purpose of the trust,

the court, after due notice to all persons then having an interest in the trust, may order distribution of the trust property. The order shall specify the appropriate share of each beneficiary who is to share in the proceeds of the trust, taking into account the interest of any income beneficiaries and remainder beneficiaries, so as to conform as nearly as possible to the intention of the grantor, donor, settlor, or testator. The order may direct that the interest of a minor beneficiary, or any portion thereof, be converted into qualifying property and distributed to a custodian pursuant to Article 5 of Chapter 5 of Title 44, "The Georgia Transfers to Minors Act." In addition, the court may make such other orders as it deems proper or necessary to protect the interests of the beneficiaries and of the trustee.

(b) Upon petition by a trustee, beneficiary, or any party in interest for good cause shown, the court, after conducting a hearing with notice to all parties in interest, in such manner as the court may direct, may divide a trust into two or more single trusts or consolidate two or more trusts into a single trust, upon such terms and conditions as it deems appropriate. The court shall not approve any such consolidation or division unless such consolidation or division:

(1) Is not inconsistent with the intent of the grantor, donor, settlor, or testator with regard to any trust to be consolidated or divided;

(2) Would facilitate administration of the trust or trusts; and

(3) Would be in the best interest of all beneficiaries, and not materially impair their respective interests.

(c) Subsection (b) of this Code section shall apply to any trust created by the same or different instruments or by the same or different persons.

(d) Subsections (a) and (b) of this Code section shall not limit the right of the trustee acting in accordance with the applicable provisions of the governing instrument to divide or consolidate trusts.