Edited by Diana l. Marianetti, Sarah Sonday & Ivory S. Umanah
The Fourth Edition of the Minnesota Trust Administration Deskbook offers a fully updated and reorganized manual that is easier to navigate and provides more practical information for practitioners than previous editions. It includes detailed coverage of the creation and modification of trusts, managing the day-to-day administration of trusts, handling the termination of trusts, and much more! The layout of the Deskbook has been changed to put more focus on the creation, modification, and administration of trusts, as well as provide in-depth coverage to the topics our readers said are most important to their practice. The Fourth Edition is arranged to allow readers to quickly and easily find the information they need. It also includes updated sample forms and clauses, helpful comparison charts, and a fully updated subject index and table of authorities. The Minnesota Trust Administration Deskbook comes with an eFormbook, which includes more than 85 essential forms and trust documents that can be easily accessed and downloaded in electronic form.
2023 UPDATE
The 2023 Update to the Minnesota Trust Administration Deskbook includes updates to 12 chapters, including Chapter 3, Creation and Modification of Trusts; Chapter 4, Revocable Trusts; Chapter 5, Termination of Trusts; Chapter 7, Supplemental and Special Needs Trusts; Chapter 14, Taxation of Trusts; Chapter 16, Post Death Distributions from Retirement Accounts, and many more! The Update also includes the 11 NEW and UPDATED forms in the accompanying eFormbook, which now includes 85 trust forms available for download for all Deskbook owners.
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CHAPTER 1
Overview and Sources of Minnesota Trust Law
Scope of Chapter; Introduction and General History; Holdover Provisions of Chapter 501B; Minnesota Trust Code – Minnesota Statutes Chapter 501C; Powers of Appointment of Minnesota Statutes Chapter 502; Appendix A – Trust Creation and Administration Checklist
– Beth T. Morrison & Edward H. Tully
CHAPTER 2
Professional Responsibility
Introduction; Identifying the Client; Duties to Non-Client Beneficiaries; Representing the Trustee When Beneficiaries or Creditors are Current Clients; Representing the Trustees or Beneficiaries Upon Death of the Former Client; Representing Cotrustees or Multiple Beneficiaries; Competence and Communication; Fees; Business Transactions with Trustees or Beneficiaries; Attorneys as Trustee; Ending the Attorney-Client Relationship; Resources
– AmyAnn W. Mursu
CHAPTER 3
Creation and Modification of Trusts
PART I: CREATION; Statutory Authority for the Creation of Trusts; Trust Types; PART II VALIDITY; The Essential Elements of a Trust; Inter Vivos Trusts; The Testamentary Trust; The Rule Against Perpetuities; Trust Construction; Rights of Creditors and Spouses to a Settlor’s Trust Assets; Tax Consequences of the Creation of a Trust; Disclaimers; Trusts with Real Estate; PART III: MODIFICATION; Modification of Irrevocable Trusts; Appendix A – Overview of Trust Modification Chart
– Michelle L. Rehbein
CHAPTER 4
Revocable Trusts
PART I: CREATION AND ADMINISTRATION DURING SETTLOR’S LIFETIME; Introduction; Creating, Amending, or Revoking the Trust; Funding and Administering a Revocable Trust During the Settlor’s Lifetime; Incapacity and Trustee Succession; Power of the District Court (Probate Division) Over Revocable Trusts and its Authority to Set Aside a Revocable Trust; Taxation During Settlor’s Life; PART II: TRUST ADMINISTRATION AFTER THE SETTLOR’S DEATH; Administration of Revocable Trust After the Settlor’s Death; PART III: INTERPRETATION; Laws and Comparison of Revocable Trusts and Wills; Appendix A – Transfer of Assets; Appendix B – Sample Instruction Letter Regarding Transfer of Mutual Fund Accounts; Appendix C – Sample Letter From Settlor to Trustee Regarding Delivery of Deed with Trustee Receipt; Appendix D – Affidavit of Delivery; Appendix E – Sample 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
– Robyn L. Ingber
CHAPTER 5
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 and Proposed Plan of Distribution
– Kelli A. Hill & Marcia E. Urban
CHAPTER 6
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 7
Supplemental and Special 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 8
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 9
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 for Breach of Trust; Limitation of Liability; Appendix A – Institutional Names for Legal Document Usage
– Christopher J. Burns, Terri Lindfors, Maria D. Plese & Lloyd Stern
CHAPTER 10
Investment of Trust Assets
Introduction; Historic Overview; Modern Portfolio Theory; The Prudent Investor Rule; Managing the Trust Portfolio
– Jason Schuller & Nathan Erickson
CHAPTER 11
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 12
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 13
Real Estate Issues
Real Estate; Environmental Liability; The Minnesota Corporate Farm Act; Appendix A – Minnesota Statutes Section 501C.1013 Certificate of Trusts; Appendix B – Minnesota Statutes Section 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 – Minnesota Uniform Conveyancing Blank Form 90.1.1 Certificate of Trust; Appendix H – Affidavit of Trustee (Inter Vivos Trust); Appendix I – Affidavit of Trustee (Testamentary Trust)
– Christopher B. Hunt, Brandon Edmundson & Joseph Maternowski
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 Calculation; 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 Roepke Sheedy
CHAPTER 16
Post-Death Distributions from Retirement Accounts
Estate Planner’s Guide to the SECURE Act; 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 – Table I – Single Life Expectancy Table, Table III – Uniform Lifetime Table, and Joint and Last Survivor Table; Appendix B – Example of NUA Account Statement
– Courtney R. Sebo Savica & Melissa L. Graner Johnson
CHAPTER 17
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 W. Schuller
CHAPTER 18
Decanting
Introduction; Decanting Defined and Legal Basis for Decanting; Is Decanting the Right Choice?; 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 to Advise Individuals Wanting to Restrict Flexibility; The Future of Trust Decanting in Minnesota
– Beth Abraham
CHAPTER 19
eFormbook Forms, Optional Paragraphs, and Trust Companies
Part A: eFormbook Forms and List of Major County Headings; Part B: Optional Paragraphs; Part C: Trust Institutions – Minnesota, History of Bank Mergers and Name Changes
– Richard L. Baum, Cameron R. Kelly & Emily Valentine-Grimm
Table of Authorities
Subject Index
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Do all Deskbooks have a companion eFormbook?
No, but as Deskbooks are updated, eFormbooks, if applicable, are included.
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