Bill > SF571

This bill proposes modifications to various provisions of Minnesota's Uniform Trust Code, Powers of Appointment, and Uniform Probate Code, with several key changes across multiple areas of trust and estate law. The bill increases the threshold for terminating uneconomic trusts from $50,000 to $150,000, expands the period for nonvested property interests from 90 to 500 years for trusts created after August 1, 2025, and clarifies rules around trust advisors and their fiduciary responsibilities. It modifies provisions related to trust representation, trust modification, and exercise of powers of appointment, including adding more flexibility for trustees and trust advisors in managing trusts. The bill also updates inheritance laws by expanding circumstances under which a parent can be barred from inheriting from a child, particularly in cases of estrangement or historical parental misconduct. Additionally, the bill makes technical changes to trust administration, such as simplifying notice requirements, clarifying the roles of trustees and trust advisors, and providing more precise language around trust modifications and terminations. These modifications aim to provide greater clarity, flexibility, and legal precision in trust and estate management under Minnesota law.

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https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0571&ssn=0&y=2025