501C.1201 MEMORIAL FUND. Subdivision 1. Establishment. A trust may be created for the purpose of establishing a fund for the benefit of one or more individuals with a single transfer under the Minnesota Uniform Custodial Trust Act in the manner and form provided by section 529.17. A trust authorized under this section must be created […]
501C.1202 SUSPENSION OF THE POWER OF ALIENATION. Subdivision 1. Suspension; exceptions. (a) The power of alienation is suspended if there are no persons in being who, alone or in conjunction with others, can convey an absolute fee in possession or absolute ownership of real property or absolute ownership of personal property. (b) There is no […]
501C.1203 TRUSTS FORMING PART OF RETIREMENT PLANS FOR PARTICIPATING MEMBERS. If a trust forms part of a retirement plan created by and for the benefit of self-employed persons for the purpose of receiving their contributions and investing, accumulating, and distributing to the persons or their beneficiaries the corpus, profits, and earnings of the trust in […]
501C.1204 TRUSTS NOT AFFECTED. Notwithstanding other law to the contrary, a trust created before June 1, 1973, relating to one’s “minority” or “majority” or other related terms is governed by the definitions of those terms existing at the time of the creation of the trust. History: 2015 c 5 art 12 s 4
501C.1205 TRUST PROVISIONS LINKED TO PUBLIC ASSISTANCE ELIGIBILITY; SUPPLEMENTAL NEEDS TRUSTS. Subdivision 1. Trusts containing limitations linked to eligibility for public assistance. (a) Except as allowed by subdivision 2 or 3, a provision in a trust that provides for the suspension, termination, limitation, or diversion of the principal, income, or beneficial interest of a beneficiary […]
501C.1207 EFFECT OF DISSOLUTION OF MARRIAGE. Subdivision 1. Revocation of certain trust provisions. If after execution of a trust instrument in which a sole settlor reserves a power to alter, amend, revoke, or terminate the provisions of the trust, the settlor’s marriage is dissolved or annulled, the dissolution or annulment revokes any disposition, provision for […]
501C.1208 SETTLOR AND AGENTS OF SETTLOR. If a trust instrument reserves to the settlor, in a nonfiduciary capacity, the control over any or all investment decisions, the trustee is not responsible for the investment decisions made by the settlor or an agent of the settlor. History: 2015 c 5 art 12 s 8
