Minnesota Statutes Property and Property Interests (Ch. 500-515B) § 501B.32. Private foundations; charitable trusts; split-interest trusts

Subdivision 1. Incorporated provisions.A will or trust instrument that creates a trust that is: (1) a “private foundation,” as defined in section 501(a) of the Internal Revenue Code of 1986;  1 or (2) a “charitable trust,” as defined in section 4947(a)(1) of the Internal Revenue Code of 1986; or (3) a “split-interest trust,” as defined in section 4947(a)(2) of the Internal Revenue Code of 1986, and any other instrument governing the trustee of one of those trusts or the use, retention, or disposition of any of the income or property of one of those trusts, must be considered to have incorporated within it the provisions in paragraphs (a) to (e) with respect to the trust and its trustee. Except as provided in subdivision 2, paragraphs (a) to (e) govern the administration and distribution of the trust notwithstanding provisions of the governing instrument, statute, or law of this state to the contrary.

Subd. 2. Exception.Subdivision 1 does not apply to the extent that a court of competent jurisdiction determines that application would be contrary to the terms of the will, trust instrument, or other governing instrument described in subdivision 1 and that the will, trust instrument, or other governing instrument may not be changed to conform to subdivision 1.

Subd. 3. Rights and powers of courts, attorney general.Nothing in this section impairs the rights and powers of the attorney general or the courts of this state with respect to a trust.