Minnesota Trust Code

Minnesota · Trusts · §§ 501C.0101 to 501C.1304 · 98 sections

Overview

This act governs the creation, administration, and termination of private and charitable trusts. It sets out how a trust is formed — the methods of creation, the intent and capacity required of the settlor and trustee, the property that funds it, and the writing requirements it must satisfy — and it supplies default rules that apply unless the terms of the trust provide otherwise, alongside a smaller set of mandatory rules that override contrary terms. It also establishes mechanisms for changing a trust after it exists, including revocation or amendment by the settlor, judicial modification, reformation, or termination, division and combination of trusts, termination of trusts too small to justify administration, and distribution of trust property into a second trust, and it addresses recurring substantive questions such as spendthrift provisions, forfeiture clauses, perpetuities limits, and trusts for the care of an animal.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 8 court decisions.

Most-cited authority: 532 SW3D 243 - Wade Harvey, Ex Rel. Alexis Breanna Gladden v. Cumberland Trust And Investment Company

Sections covered

Minn. Stat. § 501C.0101SHORT TITLE.2 cites
Minn. Stat. § 501C.0102SCOPE.
Minn. Stat. § 501C.0103DEFINITIONS.
Minn. Stat. § 501C.0104KNOWLEDGE.
Minn. Stat. § 501C.0105DEFAULT AND MANDATORY RULES.
Minn. Stat. § 501C.0106COMMON LAW OF TRUSTS; PRINCIPLES OF EQUITY.1 cite
Minn. Stat. § 501C.0107GOVERNING LAW.
Minn. Stat. § 501C.0108PRINCIPAL PLACE OF ADMINISTRATION.
Minn. Stat. § 501C.0109METHODS AND WAIVER OF NONJUDICIAL NOTICE.
Minn. Stat. § 501C.0110OTHERS TREATED AS QUALIFIED BENEFICIARIES.
Minn. Stat. § 501C.0111NONJUDICIAL SETTLEMENT AGREEMENTS.
Minn. Stat. § 501C.0112RULES OF CONSTRUCTION.
Minn. Stat. § 501C.0201ROLE OF COURT IN ADMINISTRATION OF TRUST AND NATURE OF JUDICIAL PROCEEDING.1 cite
Minn. Stat. § 501C.0202SUBJECT MATTER OF JUDICIAL PROCEEDINGS.
Minn. Stat. § 501C.0203ORDER FOR HEARING AND NOTICE.
Minn. Stat. § 501C.0204ORDER AND APPEAL.
Minn. Stat. § 501C.0205COURT-SUPERVISED TRUSTS.
Minn. Stat. § 501C.0206PERSONAL JURISDICTION OVER TRUSTEE AND BENEFICIARY.
Minn. Stat. § 501C.0207VENUE.
Minn. Stat. § 501C.0208APPLICATION.
Minn. Stat. § 501C.0301REPRESENTATION: BASIC EFFECT.
Minn. Stat. § 501C.0302REPRESENTATION BY HOLDER OF A POWER OF APPOINTMENT.
Minn. Stat. § 501C.0303REPRESENTATION BY FIDUCIARIES AND PARENTS.
Minn. Stat. § 501C.0304REPRESENTATION BY PERSON HAVING SUBSTANTIALLY IDENTICAL INTEREST.
Minn. Stat. § 501C.0305REPRESENTATION BY COURT; APPOINTMENT OF REPRESENTATIVE.
Minn. Stat. § 501C.0401METHODS OF CREATING TRUST.
Minn. Stat. § 501C.0402REQUIREMENTS FOR CREATION.
Minn. Stat. § 501C.0403TRUSTS CREATED IN OTHER JURISDICTIONS.
Minn. Stat. § 501C.0404TRUST PURPOSES.
Minn. Stat. § 501C.0406CREATION OF TRUST INDUCED BY FRAUD, DURESS, OR UNDUE INFLUENCE.
Minn. Stat. § 501C.0407EVIDENCE OF ORAL TRUST.
Minn. Stat. § 501C.0408TRUST FOR CARE OF ANIMAL.
Minn. Stat. § 501C.0409NONCHARITABLE TRUST WITHOUT ASCERTAINABLE BENEFICIARY.
Minn. Stat. § 501C.0410MODIFICATION OR TERMINATION OF TRUST; PROCEEDINGS FOR APPROVAL OR DISAPPROVAL.
Minn. Stat. § 501C.0411MODIFICATION OR TERMINATION OF NONCHARITABLE IRREVOCABLE TRUST BY CONSENT.
Minn. Stat. § 501C.0412MODIFICATION OR TERMINATION BECAUSE OF UNANTICIPATED CIRCUMSTANCES OR INABILITY TO ADMINISTER TRUST EFFECTIVELY.
Minn. Stat. § 501C.0414MODIFICATION OR TERMINATION OF UNECONOMIC TRUST.
Minn. Stat. § 501C.0415REFORMATION TO CORRECT MISTAKES.
Minn. Stat. § 501C.0416MODIFICATION TO ACHIEVE SETTLOR'S TAX OBJECTIVES.
Minn. Stat. § 501C.0417COMBINATION AND DIVISION OF TRUSTS.
Minn. Stat. § 501C.0502SPENDTHRIFT PROVISION.
Minn. Stat. § 501C.0504RIGHT TO COMPEL DISTRIBUTION.
Minn. Stat. § 501C.0505CREDITOR'S CLAIM AGAINST SETTLOR.
Minn. Stat. § 501C.0506OVERDUE DISTRIBUTION.
Minn. Stat. § 501C.0507PERSONAL OBLIGATIONS OF TRUSTEE.
Minn. Stat. § 501C.0601CAPACITY OF SETTLOR OF REVOCABLE TRUST.
Minn. Stat. § 501C.0602REVOCATION OR AMENDMENT OF REVOCABLE TRUST.
Minn. Stat. § 501C.0603WRITTEN STATEMENT REGARDING TANGIBLE PERSONAL PROPERTY.
Minn. Stat. § 501C.0604SETTLOR'S POWERS.
Minn. Stat. § 501C.0605LIMITATION ON ACTION CONTESTING VALIDITY OF REVOCABLE TRUST; DISTRIBUTION OF TRUST PROPERTY.
Minn. Stat. § 501C.0701ACCEPTING OR DECLINING TRUSTEESHIP.
Minn. Stat. § 501C.0702TRUSTEE'S BOND.
Minn. Stat. § 501C.0703COTRUSTEES.
Minn. Stat. § 501C.0704VACANCY IN TRUSTEESHIP; APPOINTMENT OF SUCCESSOR.
Minn. Stat. § 501C.0705RESIGNATION OF TRUSTEE.
Minn. Stat. § 501C.0706REMOVAL OF TRUSTEE.1 cite
Minn. Stat. § 501C.0707DELIVERY OF PROPERTY BY FORMER TRUSTEE.
Minn. Stat. § 501C.0708COMPENSATION OF TRUSTEE.
Minn. Stat. § 501C.0709REIMBURSEMENT OF EXPENSES.1 cite
Minn. Stat. § 501C.0801DUTY TO ADMINISTER TRUST.
Minn. Stat. § 501C.0802DUTY OF LOYALTY.
Minn. Stat. § 501C.0803IMPARTIALITY.
Minn. Stat. § 501C.0804PRUDENT ADMINISTRATION.
Minn. Stat. § 501C.0807DELEGATION BY TRUSTEE.
Minn. Stat. § 501C.0808DIRECTED TRUSTS.
Minn. Stat. § 501C.0809CONTROL, PROTECTION, AND DELIVERY OF TRUST PROPERTY.
Minn. Stat. § 501C.0810RECORD KEEPING AND IDENTIFICATION OF TRUST PROPERTY.
Minn. Stat. § 501C.0811ENFORCEMENT AND DEFENSE OF CLAIMS.
Minn. Stat. § 501C.0813DUTY TO INFORM AND REPORT.
Minn. Stat. § 501C.0814DISCRETIONARY POWERS; TAX SAVINGS.
Minn. Stat. § 501C.0815GENERAL POWERS OF TRUSTEE.
Minn. Stat. § 501C.0816SPECIFIC POWERS OF TRUSTEE.1 cite
Minn. Stat. § 501C.0817DISTRIBUTION UPON TERMINATION.
Minn. Stat. § 501C.1001REMEDIES FOR BREACH OF TRUST.
Minn. Stat. § 501C.1002DAMAGES FOR BREACH OF TRUST.
Minn. Stat. § 501C.1003REMEDIES IN ABSENCE OF BREACH.
Minn. Stat. § 501C.1004ATTORNEY FEES AND COSTS.1 cite
Minn. Stat. § 501C.1005LIMITATION OF ACTION AGAINST TRUSTEE.
Minn. Stat. § 501C.1006RELIANCE ON TRUST INSTRUMENT.
Minn. Stat. § 501C.1007EVENT AFFECTING ADMINISTRATION OR DISTRIBUTION.
Minn. Stat. § 501C.1008EXCULPATION OF TRUSTEE.
Minn. Stat. § 501C.1009BENEFICIARY'S CONSENT, RELEASE, OR RATIFICATION.
Minn. Stat. § 501C.1010LIMITATION ON PERSONAL LIABILITY OF TRUSTEE.
Minn. Stat. § 501C.1011INTEREST AS GENERAL PARTNER.
Minn. Stat. § 501C.1012PROTECTION OF PERSON DEALING WITH TRUSTEE.
Minn. Stat. § 501C.1013CERTIFICATE OF TRUST.
Minn. Stat. § 501C.1014AFFIDAVIT OF TRUSTEE IN REAL PROPERTY TRANSACTIONS.
Minn. Stat. § 501C.1201MEMORIAL FUND.
Minn. Stat. § 501C.1202SUSPENSION OF THE POWER OF ALIENATION.
Minn. Stat. § 501C.1203TRUSTS FORMING PART OF RETIREMENT PLANS FOR PARTICIPATING MEMBERS.
Minn. Stat. § 501C.1204TRUSTS NOT AFFECTED.
Minn. Stat. § 501C.1205TRUST PROVISIONS LINKED TO PUBLIC ASSISTANCE ELIGIBILITY; SUPPLEMENTAL NEEDS TRUSTS.
Minn. Stat. § 501C.1207EFFECT OF DISSOLUTION OF MARRIAGE.
Minn. Stat. § 501C.1208SETTLOR AND AGENTS OF SETTLOR.
Minn. Stat. § 501C.1301UNIFORMITY OF APPLICATION AND CONSTRUCTION.
Minn. Stat. § 501C.1302ELECTRONIC RECORDS AND SIGNATURES.
Minn. Stat. § 501C.1303SEVERABILITY.
Minn. Stat. § 501C.1304APPLICATION TO EXISTING RELATIONSHIPS.

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Arkansas, Florida, Iowa, Illinois, Louisiana, New Hampshire, Texas, Vermont, Wisconsin

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