The bill proposes amendments to the Uniform Trust Code, Powers of Appointment, and the Uniform Probate Code in Minnesota, focusing on technical and clarifying changes to existing statutes. A significant change is the extension of the vesting or termination period for nonvested property interests or powers of appointment in trusts created after the bill's effective date from 90 years to 500 years, unless a shorter period is specified. The bill also clarifies the representation and binding consent of beneficiaries, the conditions for modifying or terminating noncharitable irrevocable trusts, and the acceptance or rejection of trusteeship. Additionally, it raises the threshold for a trust to be considered uneconomic from $50,000 to $150,000 and introduces new roles such as "distribution trust advisor" and "investment trust advisor," detailing their powers and responsibilities.

Further amendments clarify the roles and powers of investment trust advisors, distribution trust advisors, and trust protectors, allowing these advisors to direct or veto trustee actions regarding investments and distributions. The bill establishes duties and liabilities for these directing parties while ensuring that excluded fiduciaries are not liable for actions taken per their directions. It also emphasizes communication between directing parties and excluded fiduciaries in trust administration. New definitions are introduced to enhance understanding of trustee and beneficiary roles, and the bill outlines requirements for exercising powers related to appointed trusts, including written instruments and notice to interested parties. Overall, the bill aims to modernize trust law in Minnesota, improving clarity and functionality in trust management while protecting beneficiaries' interests.

Statutes affected:
Introduction: 501A.01, 501C.0301, 501C.0302, 501C.0407, 501C.0411, 501C.0414, 501C.0602, 501C.0605, 501C.0701, 501C.0808, 501C.1013, 501C.1014, 501C.1105, 502.851, 524.2