Minnesota finally has a new set of trust laws; 25 years after the laws were last updated. The new bill had to pass through both houses of state legislature before it was ratified by Governor Mark Dayton. It has been dubbed “The Uniform Trust Code”.
The Uniform Trust Code was drafted (in part) by the Uniform Law Commission. This group works on laws which are not federally mandated and attempts to make them uniform across states. However, nearly all states make modifications to the ULC proposed laws before enacting them. The resulting laws are similar, but not completely identical.
A MBSA (Minnesota State Bar Association) subcommittee has spent more than four years combining Minnesota’s current trust laws with the new Uniform Code. This work has resulted in laws that make it easier to modify trusts, correct errors, successfully plan tax objectives and more.
One of the most anticipated changes in the … Read More