This document is a 53-page Declaration of Trust. It includes definitions of all relevant terms, as well as the constitution, capital accounts, valuations and prices, issue of units, register of unitholders, transmission, redemption of units, and every other necessary clause that constitutes a valid Declaration of Trust.
The Minnesota Declaration of Trust is a legally binding document that establishes a fiduciary relationship between a trustee and beneficiaries. It sets forth the terms and conditions for managing and distributing trust assets in accordance with the wishes of the creator, also known as the granter or settler. The document is governed by the laws of the state of Minnesota. Keywords: Minnesota Declaration of Trust, legally binding document, fiduciary relationship, trustee, beneficiaries, trust assets, granter, settler, laws of Minnesota. There are different types of Minnesota Declaration of Trust, which include: 1. Revocable Living Trust: This type of trust allows the granter to retain control over the trust assets during their lifetime and make changes or revoke the trust if desired. It typically becomes irrevocable upon the granter's death, at which point the trustee takes over the management and distribution of assets according to the trust's terms. 2. Irrevocable Life Insurance Trust (IIT): An IIT is specifically designed to hold life insurance policies. It allows the granter to remove the policy's value from their taxable estate, potentially reducing estate tax liabilities for beneficiaries. Once established, an IIT generally cannot be modified or revoked. 3. Testamentary Trust: Unlike a revocable living trust, a testamentary trust is created through the granter's will and only takes effect upon their death. This trust allows for the distribution of assets to be delayed until certain conditions are met, such as a beneficiary reaching a specific age or achieving a particular milestone. 4. Charitable Remainder Trust (CRT): A CRT is designed to benefit both charitable organizations and individual beneficiaries. The granter transfers assets into the trust, which provides annual income to the beneficiaries for a specified period. After the trust term ends, the remaining assets are allocated to the designated charitable organization(s). Keywords: Revocable Living Trust, Irrevocable Life Insurance Trust, Testamentary Trust, Charitable Remainder Trust, granter, trustee, beneficiaries, trust assets, management, distribution, estate tax, will, charitable organization, annual income.
