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HF360 (Legislative Session 94 (2025-2026))

Uniform Trust Code, Powers of Appointment, and the Uniform Probate Code various provisions modified; and technical, clarifying, and conforming changes made.

Related bill: SF571

AI Generated Summary

This legislative bill updates Minnesota’s trust code, impacting how trusts are handled, particularly around issues like how long after someone’s death a trust can remain valid. The bill sets a time limit; either within 21 years of someone's death or within 90 years of the trust's creation. Additionally, it allows modifications to non-charitable trusts if all beneficiaries agree and if the court concludes such changes are necessary.

The bill also simplifies certain processes and clarifications. It allows trustees, those overseeing the trust, to represent multiple parties, handle notifications efficiently, and make decisions under specific conditions. Trusts that are too small to be financially worthwhile can be terminated by trustees, adjusting under-utilized or uneconomic trusts. Changes like these aim to reduce the administration burden and potential conflicts in managing trusts.

Overall, the bill updates the existing laws to streamline the management of trusts by refining definitions, detailing trustee responsibilities, and specifying legal boundaries. The intent is to enhance clarity, legal compliance, and administration efficiency in Minnesota’s trust and estate planning framework.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 12, 2025HouseFloorActionIntroduction and first reading, referred toJudiciary Finance and Civil Law
February 26, 2025HouseFloorActionCommittee report, to adopt as amended
February 26, 2025HouseFloorActionSecond reading
February 26, 2025HouseFloorActionReferred to Chief Clerk for comparison with
March 02, 2025HouseFloorActionBills identical, SF substituted on General Register
March 02, 2025HouseFloorActionHF indefinitely postponed
HouseFloorActionSee Senate file in House

Citations

 
[
  {
    "analysis": {
      "added": [
        "Clarifies who can represent a beneficiary and under what conditions."
      ],
      "removed": [],
      "summary": "Modifies representation provisions related to trusts.",
      "modified": []
    },
    "citation": "501C.0302"
  },
  {
    "analysis": {
      "added": [
        "Specifies the need for clear and convincing evidence to establish an oral trust."
      ],
      "removed": [],
      "summary": "Addresses evidence requirements for oral trusts.",
      "modified": []
    },
    "citation": "501C.0407"
  },
  {
    "analysis": {
      "added": [
        "New conditions where a court can modify or terminate a trust without beneficiary consent."
      ],
      "removed": [],
      "summary": "Amends rules for modification or termination of noncharitable irrevocable trusts by consent.",
      "modified": []
    },
    "citation": "501C.0411"
  },
  {
    "analysis": {
      "added": [
        "Defines conditions under which a settlor can revoke or amend a trust."
      ],
      "removed": [],
      "summary": "Updates revocation or amendment rules for revocable trusts.",
      "modified": []
    },
    "citation": "501C.0602"
  },
  {
    "analysis": {
      "added": [
        "New timelines for contesting the validity of a revocable trust."
      ],
      "removed": [],
      "summary": "Relates to limitation on actions contesting validity of revocable trusts after settlor's death.",
      "modified": []
    },
    "citation": "501C.0605"
  },
  {
    "analysis": {
      "added": [
        "New timeframes for a nominated trustee to accept or decline trusteeship."
      ],
      "removed": [],
      "summary": "Modifications to rules on accepting or declining trusteeship.",
      "modified": []
    },
    "citation": "501C.0701"
  },
  {
    "analysis": {
      "added": [
        "Clear delineation of roles and responsibilities."
      ],
      "removed": [],
      "summary": "Addresses roles and powers of trust advisors and protectors.",
      "modified": []
    },
    "citation": "501C.0808"
  },
  {
    "analysis": {
      "added": [
        "Clarifications on exercise of powers of appointment."
      ],
      "removed": [],
      "summary": "Deals with powers of appointment and their use in trusts.",
      "modified": []
    },
    "citation": "502.851"
  },
  {
    "analysis": {
      "added": [
        "Bar on inheritance rights for certain parental behaviors."
      ],
      "removed": [],
      "summary": "Relates to parental rights in inheritance scenarios.",
      "modified": []
    },
    "citation": "524.2114"
  },
  {
    "analysis": {
      "added": [
        "Details conditions under which revocations apply."
      ],
      "removed": [],
      "summary": "Relates to revocation upon dissolution in cases of marriage dissolution.",
      "modified": []
    },
    "citation": "524.2804"
  }
]

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