Minnesota Statutes 501C.0417 – Combination and Division of Trusts
Current as of: 2023 | Check for updates
|
Other versions
After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust.
Terms Used In Minnesota Statutes 501C.0417
- 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
- Trustee: A person or institution holding and administering property in trust.