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

• 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-067 Trust Termination Pursuant to Marital Termination Agreement
  
• 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 (Individual Trustee)
• T-301 Certificate of Trust (Business Entity Trustee)
• T-304 Affidavit of Individual Trustee (Inter Vivos Trust)
• T-305 Affidavit of Business Entity Trustee (Testamentary Trust)
• T-306 Affidavit of Business Entity Trustee (Inter Vivos Trust)
• T-307 Affidavit of Custodian
• T-311 Quit Claim Deed: Individual to Trustee
• T-312 Trustee’s Deed (By Individual Trustee)
• T-315 Trustee’s Deed (By Business Entity Trustee) 
• T-320 Consent of Spouse (Trustee’s Deed of Sale)
• T-321 Consent of Spouse (Trustee’s Deed of Distribution)
• 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 Nonjudicial Settlement Agreement
• T-406 Modification of Trust by Consent
• T-407 Termination of Trust by Consent
• T-501 Request to Reissue United States Savings Bonds to a Personal Trust
• T-502 Affidavit of Trustee
• T-503 Election to Treat a Qualified Revocable Trust as Part of an Estate
• T-504 Waiver of Accounting and Release
• T-505 Consent to Final Account and Plan of Division and Release
• T-506 Plan of Division and Proposed Plan of Distribution
• T-511 Form 90.1.1 Certificate of Trust by Individual
• T-512 Form 90.1.3 Affidavit of Trustee (Inter Vivos Trust)
• T-513 Request for Distribution, Consent to Final Account and Distribution Without Court Order, Notice, or Hearing, and Release and Refunding Agreement

• Trust Creation and Administration Checklist 
  
• Overview of Trust Modification Chart 
• Sample Instruction Letter Regarding Transfer of Mutual Fund Accounts
• Sample Letter From Settlor to Trustee Regarding Delivery of Deed with Trustee Receipt
• Affidavit of Delivery
• Sample Appointment of Successor Trustee
• Request to Reissue United States Savings Bonds to a Personal Trust
• Affidavit of Trustee
• Election to Treat a Qualified Revocable Trust as Part of an Estate
• Waiver of Accounting and Release
• Consent to Final Account and Plan of Division and Release
• Plan of Division and Proposed Plan of Distribution
• Trust Comparison Chart
• Institutional Names for Legal Document Usage
• Minnesota Statutes Section 501C.1013 Certificate of Trusts
• Minnesota Statutes Section 501C.1014 Affidavit of Trustee in Real Property Transactions
• Form No. 37-M: Trustee’s Deed by Individual(s)
• Form No. 38-M: Trustee’s Deed by Individual to Joint Tenant
• Form No. 39-M: Trustee’s Deed by Corporation
• Form No 40-M: Trustee’s Deed by Corporation to Joint Tenants
• Minnesota Uniform Conveyancing Blank Form 90.1.1 Certificate of Trust
• Affidavit of Trustee (Inter Vivos Trust)
• Affidavit of Trustee (Testamentary Trust)
• Table I Single Life Expectancy Table, Table III Uniform Lifetime Table, and Joint and Last Survivor Table
• Example of NUA Account Statement

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