Minnesota § 529.02 CUSTODIAL TRUST; GENERAL

Minnesota Statutes

§ 529.02 — CUSTODIAL TRUST; GENERAL

Minnesota § 529.02

PartPROBATE; PROPERTY; ESTATES; GUARDIANSHIPS; ANATOMICAL GIFTS

Ch. 529UNIFORM CUSTODIAL TRUST ACT

This text of Minnesota § 529.02 (CUSTODIAL TRUST; GENERAL) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 529.02 (2026).

Text

(a)A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under the Minnesota Uniform Custodial Trust Act.

(b)A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as title holder is designated, in substance, as custodial trustee under the Minnesota Uniform Custodial T

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(a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under the Minnesota Uniform Custodial Trust Act.
(b) A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as title holder is designated, in substance, as custodial trustee under the Minnesota Uniform Custodial Trust Act. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under sections529.01to529.19.
(c) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
(d) Except as provided in subsection (e), a transferor may not terminate a custodial trust.
(e) The beneficiary, if not incapacitated, or the holder of the beneficiary's power of attorney, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or holder of the beneficiary's power of attorney declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
(f) Any person may augment existing custodial trust property by the addition of other property pursuant to sections529.01to529.19.
(g) The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
(h) Sections529.01to529.19do not displace or restrict other means of creating trusts. A trust whose terms do not conform to sections529.01to529.19may be enforceable according to its terms under other law.