CHAPTER 1
Overview and Sources of Minnesota Trust Law
Scope of Chapter; Introduction and General History; Holdover Provisions of Chapter 501B; Charitable Trusts and Their Supervision; Supervision of Charitable Trusts and Trustees Act; Sales and Leases of Real Property; General Provisions; Judicial Proceedings; Representation; Creation, Validity, Modification, and Termination of Trusts; Spendthrift Trusts; Revocable Trusts; Office of Trustee; Duties and Powers of Trustee; Prudent Investor Act; Liability of Trustees and Rights of Person Dealing with Trustee; Uniform Principal and Income Act; Miscellaneous; Application and Construction of Trust Code; Powers of Appointment
– Sheryl G. Morrison & Kirsten E. Johanson

CHAPTER 2
Professional Responsibility
Introduction; Indentifying the Client; Competence and Communication; Fees; Conflicts of Interest Associated with Drafting Instruments; Business Transactions with Trustees or Beneficiaries; Confidentiality and Candor to the Tribunal; Execution of Trust Documents; Duties the Attorney for the Trustee Owes the Beneficiaries; Conflicts of Interest; Former Client Conflicts; Ending the Attorney-Client Relationship; Resources
– Ken Jorgensen & Jennifer A. Ede

CHAPTER 3
Creation of Trusts
Statutory Authority for the Creation of Trusts; The Essential Elements of a Trust; The Testamentary Trust; Inter Vivos Trusts; Some Specific Types of Inter Vivos Trusts; Trust Construction; The Rule Against Perpetuities; Rights of Creditors and Spouses to a Settlor’s Trust Assets; Tax Consequences of the Creation of Trust; Disclaimers; Title to Trust Assets if Trust is Unauthorized; Resulting Trusts; Disclaimers; Title to Trust Assets if Trust is Unauthorized; Resulting Trusts; Constructive Trusts; Trust Modification
– Michelle L. Rehbein & Touch Thouk

CHAPTER 4
Revocable Trusts
Introduction; Creating, Amending, or Revoking the Trust; Funding and Administering a Revocable Trust During the Settlor’s Lifetime; Incapacity and Succession of Trustees; Power of the District Court (Probate Division) Over Revocable Trusts and its Authority to Set Aside a Revocable Trust; Taxation During Settlor’s Life; Administration of Revocable Trust After the Settlor’s Death; Interpretation – Laws and Comparison of Revocable Trusts and Wills; Estate Taxes; Income Taxes After the Settlor’s Death; Appendix A – Transfer of Assets; Appendix B – Instruction Letter Regarding Transfer of Mutual Fund Accounts; Appendix C – Letter From Settlor to Trustee Regarding Delivery of Deed with Trustee Receipt; Appendix D – Affidavit of Delivery; Appendix E – Appointment of Successor Trustee; Appendix F – Request to Reissue United States Savings Bonds to a Personal Trust; Appendix G – Affidavit of Trustee; Appendix H – Election to Treat A Qualified Revocable Trust as Part of an Estate
– Adam J. Rohne

CHAPTER 5
Charitable Trusts
Introduction; Administration of Charitable Trusts; Modification of Charitable Trusts and Institutional Funds; Attorney General Supervision of Charitable Trusts; Charitable Trusts as Organizations Exempt from Federal Income Tax; Certain Types of Charitable Split Interest Trusts
– Sheryl G. Morrison & Wade S. Hauser

CHAPTER 6
Supplemental Needs Trusts
Introduction; Supplemental Needs Trusts; Purely Discretionary Trusts; Special Needs Trusts; Pooled Special Needs Trusts; ABLE Act Accounts; Appendix A – Trust Comparison Chart
– Jeffrey W. Schmidt

CHAPTER 7
Minnesota Uniform Statutory Rule Against Perpetuities
Summary of the Common Law Rule Against Perpetuities; Uniform Statutory Rule Against Perpetuities – Minnesota Statutes Chapter 501A; Drafting Considerations Under the Uniform Rule; Effective Dates for USRAP in Minnesota; The Uniform Statutory Rule Against Perpetuities and “Grandfathering” Regulations of the Federal Generation-Skipping Transfer Tax
– AmyAnn W. Mursu

CHAPTER 8
Trustees’ Duties, Powers, and Liabilities
Overview of A Trustee’s Powers and Duties Relating to the Administration of the Trust; Specific Powers of Trustee; Specific Duties of Trustee; Delegation of Duties; Liability to Parties Other Than Trust Beneficiaries; A Beneficiary’s Remedies of Beneficiary for Breach of Trust; Limitation of Liability; Appendix A – Minnesota Statutes Section 501C.0815 & 501C.0816
– Christopher J. Burns, Lloyd Stern, Maria D. Pitner & Terri Lindfors

CHAPTER 9
Investment of Trust Assets
Introduction; Historic Overview; Modern Portfolio Theory; The Prudent Investor Rule; Managing the Trust Portfolio
– William C. Kuhlmann & Thomas H. Rauenhorst

CHAPTER 10
Minnesota Uniform Principal and Income Act
The Trustee’s Duty of Impartiality; The Minnesota Uniform Principal and Income Act; Trustee Duties as to Classifying Receipts and Expenditures; When Rights to Income Arise and Terminate; Distributions From Decedent’s Estate (and Trusts); Entity Distributions; Bond Premium/Discount; Sole Proprietorships; Natural Resources (Except Timber); Timber; Annuities, Employment Distributions, Other Property Subject to Depletion; The Trustee’s Power to Adjust; Charges Against Income and Principal
– Terry L. Slye & Andrew M. Baese

CHAPTER 11
Discretionary Distributions and Terminations
Introduction; Sources of Applicable Law; The Intent of the Settlor; Distribution Standards; Documentation and Distribution Process; Considering the Beneficiary’s Other Resources; Duty of Impartiality; Miscellaneous Issues in Connection with Discretionary Distributions; Unauthorized Distributions; Judicial Review
– Joel A. Sommers

CHAPTER 12
Termination of Trusts
Introduction; When Does a Trust Terminate?; Steps to Wind Up the Trust Administration; Appendix A – Waiver of Accounting and Release; Appendix B – Consent to Final Account and Plan of Division and Release; Appendix C – Plan of Division & Proposed Plan of Distribution
– Kelli A. Hill & Marcia E. Urban

CHAPTER 13
Real Estate Issues
Real Estate; Introduction: Environmental Liability; CERCLA, SARA, and The Brownfields Act; Other Federal Acts; Minnesota Environmental Response and Liability Act; MPCA Voluntary Investigation and Cleanup Program; Application to Fiduciaries; Protection Against Liability; Addressing Contamination; History and Context of the Corporate Farm Act; Family Farm Trust; Family Farm Trust Estate Planning Considerations; Business Entities; Reporting; Violation and Penalties; Appendix A – 501C.1013 Certificate of Trusts; Appendix B – 501C.1014 Affidavit of Trustee in Real Property Transactions; Appendix C – Form No. 37-M: Trustee’s Deed by Individual(s); Appendix D – Form No. 38-M: Trustee’s Deed by Individual to Joint Tenants; Appendix E – Form No. 39-M: Trustee’s Deed by Corporation; Appendix F – Form No 40-M: Trustee’s Deed by Corporation to Joint Tenants; Appendix G – Certificate of Trust; Appendix H – Affidavit or Trustee
– Christopher B. Hunt & Paul S. Moe

CHAPTER 14
Federal and State Income Taxation of Trusts
Introduction; Trusts as Separate Taxpayers; Fiduciary Income Tax Preliminaries; Distributable Net Income; Taxation of Simple Trusts; Taxation of Complex Trusts; Fiduciary Income Tax Calculations; Tax Planning for Trust Distributions; Subchapter S Trusts; Grantor Trust Rules and Planning for Use of Defective Trusts
– John R. Bedosky

CHAPTER 15
Court Jurisdiction and Procedure
Overview; Court Proceedings; Court Supervision; Specific Actions
– Tessa R. Mielke & Jesse Sheedy

CHAPTER 16
Post-Death Distributions from Retirement Accounts
Definitions; Special Lifetime Distribution Rules; Distribution Options; Distribution Options if Account Owner Dies On or After the RBD and the Following Person(s) is the Beneficiary; Fiduciary Income Tax Return Issues Including Distributable Net Income Deduction; More Examples and Options; Appendix A – Tables; Appendix B – Example of NUA Account Statement
– Bryan Jamison

CHAPTER 17
CLETrust Forms, Optional Paragraphs, and Trust Companies
Part A: CLETrust Forms and List of Major County Headings; Part B: Optional Paragraphs; Part C: Trust Institutions – Minnesota, History of Bank Mergers and Name Changes
– Scott M. Nelson & Todd Andrews

CHAPTER 18
Directed Trusts
Directed Trusts; Definitions; Powers of Investment Trust Advisor; Powers of Distribution Trust Advisor; Powers of Trust Protector; Fiduciary Duties and Standards; Excluded Fiduciary
– Michael P. Sampson & Jason Schuller

CHAPTER 19
Decanting
Introduction; Decanting Defined and Legal Basis for Decanting; When to Decant; How to Decant; Restrictions on Exercise of Decanting Power; Method of Decanting; Virtual Representation; Trustee Liability; Tax Considerations; Other Non-Tax Considerations; The Other Side – How Do Practitioners Advise Individuals Wanting to Restrict Flexibility; The Future of Trust Decanting in Minnesota
– Caitlin E. Abram

Table of Authorities
Subject Index

CLETrust SUBSCRIPTION
More than 70 automated forms (see the CLETrust section of our website for more information about CLETrust):

• T-001 Notice and Order for Hearing Pursuant to Minn. Stat. § 501C.0203
• T-002 Appearance and Waiver of Rights Under Service Members Civil Relief Act
• T-003 Waiver of Notice by Publication
• T-004 Waiver of Notice and Hearing by Qualified Beneficiary and Trustee
• T-005 Notice of Filing Order
• T-006 Affidavit of Service Notice and Order for Hearing
• T-007 Affidavit of Mailing Annual Account
• T-009 Affidavit of [Name of Attorney] for Attorney Fees
• T-010 Appointment of Successor Trustee and Resignation of Trustee
• T-011 Acceptance of Appointment of Successor Individual Trustee
• T-012 Acceptance of Appointment of Court Appointed Trustee and Oath by Individual
• T-013 Acceptance of Appointment of Court Appointed Trustee and Oath by Corporation
• T-016 Petition for Order Confirming Appointment of Trustee Pursuant to Minn. Stat. § 501C.0205
• T-017 Order Confirming Appointment of Trustee Pursuant to Minn. Stat. § 501C.0205
• T-020 Petition for Order Appointing Guardian ad Litem
• T-021 Consent to Act as Guardian ad Litem and Oath
• T-022 Order Appointing Guardian ad Litem
• T-048 Trust Inventory
• T-050 Trustee’s Annual Account
• T-051 Individual Trustee Verification
• T-052 Corporate Trustee Verification
• T-053 Approval of Accounts and Release of Trustee
• T-060 Notice of Crummey Withdrawal Rights
• T-061 Cover Letter Termination of Trust
• T-062 Opinion of Trust Counsel: Mortgage Deed and Trust on Trust Property
• T-064 Receipt of Assets by Distributee and Release
• T-065 Consent to Petition to ________ and Waiver of Notice of Time and Place for Hearing
• T-066 Consent to Final Account and Waiver of Notice and Hearing
• T-068 Attorney Acknowledgement
• T-100 Petition for _____ Pursuant to Minn. Stat. § 501C.0202
• T-102 Order for _____________________ Pursuant to Minn. Stat. § 501C.0202
• T-105 Petition to Allow Account Dated _____ Pursuant to Minn. Stat. § 501C.0202
• T-107 Order Allowing Account Dated _____ Pursuant to Minn. Stat. § 501C.0202
• T-110 Petition to Allow Trustee’s Annual Accounts Pursuant to Minn. Stat. § 501C.0202
• T-112 Order Allowing Trustee’s Annual Accounts Pursuant to Minn. Stat. § 501C.0202
• T-113 Petition to Terminate Trust and Discharge Trustee Without Approval of Final Account
• T-114 Order Terminating Trust and Discharging Trustee Without Approving Final Account
• T-120 Petition to Terminate Trust, Discharge and Release Trustee, and Approve Final Account
• T-121 Order Terminating Trust, Discharging and Releasing Trustee, and Approval of Final Account and Decree
• T-124 Petition to Remove/Accept Resignation of Trustee, Allow Accounts Discharge of Trustee, and for Appointment of Successor Trustee Pursuant to Minn. Stat. § 501C.0202
• T-125 Order Removing/Accepting the Resignation of Trustee, Allowing Accounts, Discharging Trustee, and Appointing Successor Trustee Pursuant to Minn. Stat. § 501C.0202
• T-126 Petition to Remove/Accept The Resignation of Trustee, and for Appointment Of Successor Trustee Pursuant to Minn. Stat. § 501C.0202
• T-127 Order Removing/Accepting the Resignation of Trustee, and Appointing Successor Trustee Pursuant to Minn. Stat. § 501C.0202
• T-200 Petition to _____ Pursuant to Minn. Stat. § 501B.31
• T-201 Notice and Order for Hearing Pursuant to Minn. Stat. § 501B.31
• T-202 Order for _______ Pursuant to Minn. Stat. § 501B.31
• T-210 Petition to Sell, Mortgage or Lease Real Property
• T-211 Notice and Order for Hearing
• T-212 Order to Sell, Mortgage or Lease Real Property
• T-220 Petition by Owner of Interests in Real Property to Sell, Mortgage, or Lease Property Pursuant to Minn. Stat. § 501B.47
• T-221 Consent to Sell, Mortgage or Lease Real Property Pursuant to Minn. Stat. § 501B.47
• T-222 Notice and Order for Hearing Pursuant to Minn. Stat. § 501B.47
• T-223 Order to Sell, Mortgage, or Lease Real Property and Appointing Receiver Pursuant to Minn. Stat. § 501B.47 & 501B.51
• T-224 Acceptance of Appointment by Receiver
• T-225 Report by Receiver Pursuant to Minn. Stat. § 501B.51(2)(b)
• T-226 Notice and Order for Hearing to Confirm Agreement Pursuant to Minn. Stat. § 501B.53
• T-227 Order Confirming the Agreement to Sell, Mortgage, or Lease Property Pursuant to Minn. Stat. § 501B.53
• T-230 Petition to Terminate Trust and Discharge Trustee
• T-231 Notice and Order for Hearing Pursuant to Minn. Stat. § 501B.31
• T-232 Order Terminating Trust and Discharging Trustee
• T-234 Petition to Substitute Charitable Beneficiary/Change Purpose of Trust
• T-235 Order to Substitute Charitable Beneficiary/Change Purpose of Trust
• T-300 Certificate of Trust
• T-304 Affidavit of Trustee (Inter Vivos Trust)
• T-305 Affidavit of Trustee (Testamentary Trust)
• T-306 Affidavit of Trustee (Business Entity Trustee)
• T-307 Affidavit of Custodian
• T-311 Quit Claim Deed: Individual to Trustee
• T-312 Trustee Deed: Individual Trustees to Individual(s)
• T-315 Deed of Sale: By Business Entity Trustee to Individuals
• T-320 Consent of Spouse: Trustee’s Dead of Sale
• T-400 Petition to Approve Appointment of Assets
• T-401 Exercise of Power to Appoint Assets
• T-404 Order Approving Appointment of Assets
• T-405 Non-Judicial Settlement Agreement
• T-406 Modification of the Trust by Consent
• T-407 Termination of Trust by Consent

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