Minnesota § 529.05 MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP

Minnesota Statutes

§ 529.05 — MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP

Minnesota § 529.05

PartPROBATE; PROPERTY; ESTATES; GUARDIANSHIPS; ANATOMICAL GIFTS

Ch. 529UNIFORM CUSTODIAL TRUST ACT

This text of Minnesota § 529.05 (MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP) 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. § 529.05 (2026).

Text

(a)Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of spouses, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship or survivorship is required as to community or marital property.

(b)Custodial trust property held under sections529.01to529.19by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.

(c)A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuan

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(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of spouses, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship or survivorship is required as to community or marital property.
(b) Custodial trust property held under sections529.01to529.19by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.
(c) A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to sections529.06and529.14for the administration of the custodial trust.