Minnesota Uniform Custodial Trust Act

This act provides a streamlined way to hold property in trust for another person without a formally drafted trust instrument: a transferor conveys assets to a custodial trustee, who holds, manages, and distributes them for the benefit of one beneficiary or several. It sets out how such a trust is created — including by a transfer that takes effect only upon a future event — how further property may be added, how successor trustees take over, and the trustee's powers, duties, compensation, and obligation to provide a statement of administration or account on request. It also covers administration when the beneficiary is incapacitated, protects third parties who deal in good faith with someone acting as custodial trustee, and addresses termination of the trust and the recognition of custodial trusts created under the law of another state.

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