§ 501C.0601 Capacity of Settlor of Revocable Trust
§ 501C.0602 Revocation or Amendment of Revocable Trust
§ 501C.0603 Written Statement Regarding Tangible Personal Property
§ 501C.0604 Settlor’s Powers
§ 501C.0605 Limitation On Action Contesting Validity of Revocable Trust; Distribution of Trust Property
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Terms Used In Minnesota Statutes > Chapter 501C > REVOCABLE TRUSTS

  • 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
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Trustee: A person or institution holding and administering property in trust.