Minnesota § 529.16 - DISTRIBUTION ON TERMINATION
Full text of Minnesota Minnesota Statutes § 529.16 — DISTRIBUTION ON TERMINATION, with citation guidance and answers to common questions.
§ 529.16. DISTRIBUTION ON TERMINATION
(a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
(1) to the beneficiary, if not incapacitated or deceased;
(2) to the holder of the beneficiary's power of attorney;
(3) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or
(4) upon the beneficiary's death, in the following order:
(i) to the survivor of multiple beneficiaries if survivorship is provided for pursuant to section 529.05;
(ii) as designated in the instrument creating the custodial trust; or
(iii) to the estate of the deceased beneficiary.
(b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(c) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
History:
1990 c 476 s 16; 1991 c 199 art 1 s 80
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 529.16
What does Minnesota Statutes § 529.16 cover?
Section 529.16 ("DISTRIBUTION ON TERMINATION") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 529.16?
A common citation format is "Minnesota Statutes § 529.16" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 529.16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.