Bill > HF360

This bill makes various technical modifications and clarifications to Minnesota's trust and probate laws, focusing primarily on updating provisions related to trust administration, powers of appointment, and estate management. Key provisions include: expanding the rule against perpetuities to allow trusts to potentially last up to 500 years for trusts created after August 1, 2025; modifying rules around trust representation and the roles of trustees, trust advisors, and trust protectors; updating provisions for modifying or terminating trusts, including raising the threshold for terminating uneconomic trusts from $50,000 to $150,000; clarifying rules around trust modifications, revocations, and distributions; and making technical changes to how trusts handle issues like trustee compensation, trust advisement, and fiduciary responsibilities. The bill also includes provisions related to inheritance, such as expanding circumstances where a parent can be barred from inheriting from a child and updating rules about how marriage dissolution affects estate planning documents. These changes are designed to provide more flexibility and clarity in trust and estate law, reflecting evolving legal practices and potential complexities in modern estate planning.

Justice

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0360&ssn=0&y=2025