501C.0601 CAPACITY OF SETTLOR OF REVOCABLE TRUST. The capacity required to create, amend, or revoke a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. History: 2015 c 5 art 6 s 1
501C.0602 REVOCATION OR AMENDMENT OF REVOCABLE TRUST. (a) Unless the terms of a trust expressly provide that the trust is revocable, the settlor may not revoke or amend the trust. (b) If a revocable trust is created or funded by more than one settlor: (1) to the extent the trust consists of community property, the […]
501C.0603 WRITTEN STATEMENT REGARDING TANGIBLE PERSONAL PROPERTY. A revocable trust may be amended by a written statement disposing of items of tangible personal property not otherwise specifically disposed of by the settlor’s will or the trust instrument, other than money, coin collections, and property used in a trade or business. To be effective as an […]
501C.0604 SETTLOR’S POWERS. While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. History: 2015 c 5 art 6 s 4
501C.0605 LIMITATION ON ACTION CONTESTING VALIDITY OF REVOCABLE TRUST; DISTRIBUTION OF TRUST PROPERTY. (a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable immediately prior to the settlor’s death within the earlier of: (1) three years after the settlor’s death; or (2) 120 days after the trustee […]
