Minnesota Statutes 529.01 – Definitions
As used in sections 529.01 to 529.19:
Terms Used In Minnesota Statutes 529.01
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Minority: means with respect to an individual the period of time during which the individual is a minor. See Minnesota Statutes 645.451
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Trustee: A person or institution holding and administering property in trust.
(1) “Adult” means an individual who is at least 18 years of age.
(2) “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under sections 529.01 to 529.19.
(3) “Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
(4) “Court” means the district court of this state.
(5) “Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under sections 529.01 to 529.19 and the income from and proceeds of that interest.
(6) “Custodial trustee” means a person designated as trustee of a custodial trust under sections 529.01 to 529.19 or a substitute or successor to the person designated.
(7) “Guardian” means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem.
(8) “Holder of the beneficiary‘s power of attorney” means a person who is a holder of the beneficiary’s unrevoked power of attorney if the document creating the power of attorney grants powers similar or identical to those defined as “beneficiary transactions” in section 523.24, subdivision 7.
(9) “Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, developmental disability, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.
(10) “Legal representative” means a personal representative or conservator.
(11) “Member of the beneficiary’s family” means a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(12) “Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.
(13) “Personal representative” means an executor, administrator, or special administrator of a decedent‘s estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.
(14) “State” means a state, territory, or possession of the United States, the District of Columbia, or the commonwealth of Puerto Rico.
(15) “Transferor” means a person who creates a custodial trust by transfer or declaration.
(16) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.