Occasionally a client will ask her attorney to serve as trustee (or trust protector). Any attorney considering acceptance of a fiduciary appointment must be mindful of several practical and ethical considerations. First, the attorney should determine whether her professional liability insurance covers acting as a fiduciary. The attorney should then consider the following ethical obligations […]
The Minnesota Trust Code introduced several new fiduciary or quasi-fiduciary positions into Minnesota trust law. Minnesota Statute section 501C.0808 creates the offices of “trust protector”, “directing party” and “directed trustee.” The estate planning attorney should be familiar with the “directed trust” concept and understand how these new positions may be used to enhance an estate […]
I recently went to a CLE conference on trusts and heard the word “decanting” thrown around. Naturally, my ears perked up because, well, I thought of wine or tea for that matter. But no. Turns out, irrevocable trusts can be decanted. Who knew? The definition of “decant” is: “gradually pour from one container into another, […]
Fiduciary selection is often given insufficient consideration in estate planning engagements. Too often the process of choosing a fiduciary is limited to the consideration of which family members are disqualified from acting as trustee; with little or no consideration of the skills required of a trustee. An attorney must help her client understand the fiduciary’s […]
Often when people set up their estate plan they will ask the attorney “Can someone challenge this?” Truthfully, anyone can try to challenge a person’s estate plan – the bigger question is whether that person would be successful in his or her challenge. Even if the testator attempts to prohibit someone from challenging his or […]
A trust instrument, under the new Minnesota Trust Code (“MN Trust Code”) in Minn. Chapter 501C, can be drafted* in a multitude of manners to convey the settlor’s intentions. The terms of the trust instrument can be drafted contrary to certain provisions in the MN Trust Code. Such terms of the trust instrument will govern […]
It has been mentioned here on Epilawg a few times already that Minnesota adopted a new trust statute. The specifics of the Minnesota Trust Code can be found in Minn. Ch. 501C (“MN Trust Code”) and has come to fruition by the countless hours and effort of a committee of local trusts and estates attorneys. […]
This is the third post in a series discussing different aspects on Minnesota’s new statute, the Uniform Trust Code (UTC), which becomes effective January 1, 2016. While this series will be useful information for all Epilawg readers, it is geared towards those readers that are attorneys, fiduciaries and their clients. See Part I here and […]
Men’s college basketball coaching legend, Dean Smith, passed away on February 7, 2015. Coach Smith utilized a revocable trust in his estate plan. He included a unique bequest.
This is a first in a series of posts discussing different aspects on the new statute, Minnesota’s Uniform Trust Code (UTC), which becomes effective January 1, 2016. While this series will be useful information for all Epilawg readers, it is geared towards those readers that are attorneys, fiduciaries and their clients. At long last, Minnesota […]
Estate planners do encourage clients to be specific with their various bequests within their estate plan. When describing gifts of both real and tangible personal property or defining beneficiaries, we want the assets and individuals to be identifiable. However, it can actually cause problems when clients get too specific and potentially lead to unintended complications […]