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Committee approves trust-code revisions, including raising uneconomic trust threshold to $150,000
Summary
The committee adopted an amendment and recommended House File 360, a broad revision of Minnesota's trust code, for placement on the general register. The bill raises the termination threshold for uneconomic trusts, extends allowable trust duration and clarifies directed-trust, decanting, and estrangement rules.
The Judiciary Finance and Civil Law Committee voted to recommend House File 360, a legislative package revising multiple provisions of Minnesota's trust code, after adopting a technical amendment.
Chair Scott presented the bill and said it originated from years of study by the Minnesota State Bar Association and practitioners. Lauren Baron, an attorney testifying for the bar and practice groups, summarized key reforms: raising the dollar threshold for terminating an uneconomic trust from $50,000 to $150,000; extending the maximum duration for trusts from the default 90 years to 500…
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