Minnesota Statutes 501C.1115 – Application
Except as specifically provided in the governing instrument, Minnesota Statutes 1988, sections 501.48 to 501.63, apply to a receipt or expense received or incurred after January 1, 1970, and before January 1, 1990, by any trust or decedent‘s estate whether established before or after January 1, 1970, and whether the asset involved was acquired by the trustee before or after January 1, 1970.
Terms Used In Minnesota Statutes 501C.1115
- Decedent: A deceased person.
- Trustee: A person or institution holding and administering property in trust.
Except as specifically provided in the governing instrument, sections 501C.1101 to 501C.1118 apply to a receipt or expense received or incurred after December 31, 1989, by a trust or decedent’s estate whether established before, on, or after January 1, 1990, and whether the asset involved or legal estate was acquired by the trustee, personal representative, legal life tenant, or remainderperson before, on, or after January 1, 1990.