Chapter 529 — Custodial Trust; General

15.001 Application of Laws 2005, Chapter 56, Terminology Changes This section directs state agencies to use updated terminology from Laws 2005, chapter 56, when they replace printed … 529.001 This is a cross-reference section that connects to section 15.001 regarding terminology changes in the custodial trust … 529.01 Definitions This section defines the key terms used in the Minnesota Uniform Custodial Trust Act. It explains what 'beneficiary,' … 529.02 Custodial Trust; General This section explains how to create a custodial trust. You can transfer property to someone else as custodial trustee, … 529.03 Custodial Trustee for Future Payment or Transfer This section allows you to set up a custodial trust that takes effect when a future event happens. For example, you can … 529.04 Form and Effect of Receipt and Acceptance by Custodial Trustee, Jurisdiction This section explains how a custodial trustee formally accepts the job. The trustee's duties begin when they accept the … 529.05 Multiple Beneficiaries; Separate Custodial Trusts; Survivorship This section covers custodial trusts with more than one beneficiary. Each beneficiary is treated as having their own … 529.06 General Duties of Custodial Trustee This section lists the basic duties of a custodial trustee. The trustee must follow the beneficiary's directions (if the … 529.07 General Powers of Custodial Trustee This section gives the custodial trustee broad powers over trust property. The trustee has all the same rights and … 529.08 Use of Custodial Trust Property This section explains how custodial trust property can be used. If the beneficiary is not incapacitated, they can direct … 529.09 Determination of Incapacity; Effect This section addresses how a custodial trustee determines whether a beneficiary is incapacitated and what effect that … 529.10 Exemption of Third Person From Liability This section protects third parties who deal in good faith with a person acting as a custodial trustee. A bank, broker, … 529.11 Liability to Third Person This section addresses a custodial trustee's personal liability to third parties. Creditors can make claims against … 529.12 Declination, Resignation, Incapacity, Death, or Removal of Custodial Trustee; Designation of Successor Custodial Trustee This section sets out what happens when a custodial trustee declines, resigns, becomes incapacitated, dies, or is … 529.13 Expenses, Compensation, and Bond of Custodial Trustee This section addresses trustee compensation and expenses under the Minnesota Uniform Custodial Trust Act. Unless the … 529.14 Reporting and Accounting by Custodial Trustee; Determination of Liability of Custodial Trustee This section requires custodial trustees to provide written statements describing the trust property and its … 529.15 Limitations of Action Against Custodial Trustee This section sets time limits for bringing legal claims against a custodial trustee. If a beneficiary has received a … 529.16 Distribution on Termination This section describes how trust property is distributed when the custodial trust terminates. The trustee transfers … 529.17 Methods and Forms for Creating Custodial Trusts This section provides standard form language for creating a custodial trust under the Minnesota Uniform Custodial Trust … 529.18 Applicable Law This section specifies which custodial trusts are governed by Minnesota law. Minnesota law applies if, at the time the … 529.19 Short Title This section provides the official short title for sections 529.01 through 529.19: the Minnesota Uniform Custodial Trust …