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House approves trust-code changes in Senate File 571, adds tribal-land clarification
Summary
The Minnesota House of Representatives passed Senate File 571 as amended on third reading, adopting a package of changes to the state's trust code that lengthen maximum trust duration, raise the threshold for terminating certain trusts without court proceedings and expand an estranged‑parent inheritance prohibition.
The Minnesota House of Representatives passed Senate File 571 as amended on third reading, adopting a package of changes to the state's trust code that lengthen maximum trust duration, raise the threshold for terminating certain trusts without court proceedings and expand an estranged‑parent inheritance prohibition.
Members said the bill reflects technical updates recommended by the Minnesota State Bar Association after the 2015 overhaul of the trust code. "This bill sets a time period that is roughly the median of other states maximums," Representative Scott said while explaining the measure. Scott also said the bill "increases the size of a trust that can be terminated without a court proceeding" from $50,000 to $150,000 and that it…
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