How the new law affects a key part of estate planning
The law governing trusts in Minnesota has gotten a facelift, bringing it more in line with the Uniform Trust Code and addressing many modern-day issues that routinely surface in the process of creating and administering a trust. Although it is common for single laws or statutes to change from year-to-year, these changes, which went into effect on January 1, 2016, represent the first major overhaul of the state’s trust laws in nearly 30 years.
Summary of the Important Changes
The overhaul of the state’s trust code has affected not just procedural matters, but also the substantive law applicable to trusts. Some of the most important changes include:
These changes notwithstanding, the law surrounding trusts and estate planning in Minnesota can be intimidating for those who are not familiar with it. An attorney familiar with Minnesota trust law—including this most recent overhaul of the law—can provide relevant and specific advice to those with questions or concerns about a Minnesota trust.
Some of the more important changes to Minnesota’s trust code include: