(1) In the case of a
private trust, the beneficiary who is competent to make contract
may, by a notice in writing to the trustee and the registrar,
relinquish any or all of his or her right, benefit, facility or interest
from the trust property.
(2) If every beneficiary wholly relinquishes the right,
benefit, facility or interest from the trust property pursuant to subsection
(1), such a trust shall be deemed to have been dissolved.