Bill Text: MN SF1306 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Probate provisions modification
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-05-02 - Second reading [SF1306 Detail]
Download: Minnesota-2011-SF1306-Introduced.html
1.2relating to probate; authorizing courts to modify certain provisions;amending
1.3Minnesota Statutes 2010, section 524.2-712.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 524.2-712, is amended to read:
1.6524.2-712 DECEDENTS DYING AFTER DECEMBER 31, 2009, AND
1.7BEFORE JANUARY 1, 2011; FORMULA CLAUSES TO BE CONSTRUED TO
1.8REFER TO FEDERAL ESTATE TAX AND FEDERAL GENERATION-SKIPPING
1.9TRANSFER TAX LAWS.
1.10(a) A governing instrument, including a will or trust agreement, of a decedent who
1.11dies after December 31, 2009, and before January 1, 2011, that contains a formula or
1.12provision referring to the "unified credit," "estate tax exemption," "applicable exemption
1.13amount," "applicable credit amount," "applicable exclusion amount," "generation-skipping
1.14transfer tax exemption," "GST exemption," "marital deduction," "maximum marital
1.15deduction," "unlimited marital deduction," "inclusion ratio," "applicable fraction," or
1.16any section of the Internal Revenue Code relating to the federal estate tax or federal
1.17generation-skipping transfer tax, or that measures a share of an estate or trust by reference
1.18to federal estate taxes or federal generation-skipping transfer taxes, is deemed to refer to
1.19the federal estate tax and federal generation-skipping transfer tax laws as they applied with
1.20respect to the estates of decedents dying on December 31, 2009. This paragraph does not
1.21apply to a governing instrument, including a will or trust agreement, that manifests an
1.22intent that a contrary rule will apply if the decedent dies on a date on which there is no
1.23then-applicable federal estate or federal generation-skipping transfer tax.
2.1(b) If the federal estate or federal generation-skipping transfer tax becomes effective
2.2before January 1, 2011, then the reference to January 1, 2011, in paragraph (a) is deemed
2.3to refer to the first date on which this tax becomes legally effective, instead of January 1,
2.42011.
2.5(c) (b) The personal representative, trustee, or any interested person under the
2.6governing instrument, including a will or trust agreement, may bring a proceeding
2.7to determine whether the decedent intended that a formula or provision described in
2.8paragraph (a) be construed with respect to the law as it existed after December 31, 2009.
2.9This proceeding must be commenced by December 31, 2011., and the court may consider
2.10extrinsic evidence that contradicts the plain meaning of the will, trust, or other governing
2.11instrument. The court may modify a provision of a will, trust, or other governing
2.12instrument that refers to the federal estate tax or generation-skipping transfer tax laws as
2.13described in paragraph (a) to conform the terms to the decedent's intention, or achieve
2.14the decedent's tax objectives in a manner that is not contrary to the decedent's probable
2.15intention. The court may provide that its decision, including any decision to modify
2.16a provision of a will, trust, or other governing instrument, is effective as of the date of
2.17the decedent's death.
1.3Minnesota Statutes 2010, section 524.2-712.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 524.2-712, is amended to read:
1.6524.2-712 DECEDENTS DYING AFTER DECEMBER 31, 2009, AND
1.7BEFORE JANUARY 1, 2011; FORMULA CLAUSES TO BE CONSTRUED TO
1.8REFER TO FEDERAL ESTATE TAX AND FEDERAL GENERATION-SKIPPING
1.9TRANSFER TAX LAWS.
1.10(a) A governing instrument, including a will or trust agreement, of a decedent who
1.11dies after December 31, 2009, and before January 1, 2011, that contains a formula or
1.12provision referring to the "unified credit," "estate tax exemption," "applicable exemption
1.13amount," "applicable credit amount," "applicable exclusion amount," "generation-skipping
1.14transfer tax exemption," "GST exemption," "marital deduction," "maximum marital
1.15deduction," "unlimited marital deduction," "inclusion ratio," "applicable fraction," or
1.16any section of the Internal Revenue Code relating to the federal estate tax or federal
1.17generation-skipping transfer tax, or that measures a share of an estate or trust by reference
1.18to federal estate taxes or federal generation-skipping transfer taxes, is deemed to refer to
1.19the federal estate tax and federal generation-skipping transfer tax laws as they applied with
1.20respect to the estates of decedents dying on December 31, 2009. This paragraph does not
1.21apply to a governing instrument, including a will or trust agreement, that manifests an
1.22intent that a contrary rule will apply if the decedent dies on a date on which there is no
1.23then-applicable federal estate or federal generation-skipping transfer tax.
2.1
2.2
2.3
2.4
2.5
2.6governing instrument, including a will or trust agreement, may bring a proceeding
2.7to determine whether the decedent intended that a formula or provision described in
2.8paragraph (a) be construed with respect to the law as it existed after December 31, 2009.
2.9This proceeding must be commenced by December 31, 2011
2.10extrinsic evidence that contradicts the plain meaning of the will, trust, or other governing
2.11instrument. The court may modify a provision of a will, trust, or other governing
2.12instrument that refers to the federal estate tax or generation-skipping transfer tax laws as
2.13described in paragraph (a) to conform the terms to the decedent's intention, or achieve
2.14the decedent's tax objectives in a manner that is not contrary to the decedent's probable
2.15intention. The court may provide that its decision, including any decision to modify
2.16a provision of a will, trust, or other governing instrument, is effective as of the date of
2.17the decedent's death.
