Whenever the decedent leaves a surviving spouse or by law the spouse is presumed to have survived and the representative of the decedent's estate, and the decedent's trustee or any other fiduciary is permitted or required to exercise a discretion, even though stated as sole, absolute or uncontrolled, to select assets in kind at values other than their values at the date or dates of distribution thereof, including values to be determined in the discretion of the representative, trustee or other fiduciary and even though such discretion is stated as sole, absolute or uncontrolled, to satisfy a bequest or transfer within the meaning of the marital deduction provisions of section 2056 of the United States Internal Revenue Code or such cognate provisions of federal law as may hereafter be applicable, such representative, trustee or other fiduciary shall be subject to the general fiduciary obligation of fairness and pursuant thereto shall select assets fairly representative of appreciation or depreciation in the value of all property available on the date or dates of distribution for selection and distribution in satisfaction of such bequest or transfer, unless other language of the will or trust instrument expressly refers to this section and states that it shall not be applicable. This section shall apply to the estates of decedents dying after May 26, 1965, to trusts created after May 26, 1965, and to trusts, whenever created, which are revocable after May 26, 1965.
1965 c 765 s 1
Structure Minnesota Statutes
Chapters 524 - 532 — Probate; Property; Estates; Guardianships; Anatomical Gifts
Chapter 525 — Probate Proceedings
Section 525.031 — Fees For Copies.
Section 525.033 — Fees For Filing Petitions.
Section 525.041 — Written Decision Shall Be Filed Within 90 Days; Mandatory.
Section 525.05 — Judge Or Referee; Grounds For Disqualification.
Section 525.091 — Destruction And Reproduction Of Probate Records.
Section 525.092 — Court Administrator May Destroy Certain Papers.
Section 525.095 — Court Administrator May Issue Orders Under Direction Of The Court.
Section 525.10 — Referee; Appointment; Bond; Office Abolished.
Section 525.101 — Compensation Of Referee.
Section 525.103 — Delivery Of Books And Records.
Section 525.11 — Reporter; Appointment And Duties.
Section 525.111 — Compensation; Transcript Fees.
Section 525.113 — Additional Employees.
Section 525.12 — Auditor; Appointment.
Section 525.122 — Compensation Of Auditor.
Section 525.14 — Descent Of Cemetery Lot.
Section 525.152 — Award Of Property With Sentimental Value To Children.
Section 525.161 — No Surviving Spouse Or Kindred, Notices To Attorney General.
Section 525.21 — Quantity Of Estate Devised.
Section 525.2221 — Wills Not Affected.
Section 525.242 — Secondary Evidence.
Section 525.253 — Sale Of Devised Property.
Section 525.311 — Contents Of Petition.
Section 525.312 — Decree Of Descent.
Section 525.313 — Clearance For Medical Assistance Claims.
Section 525.37 — Foreclosure Of Mortgages.
Section 525.38 — Realty Acquired.
Section 525.391 — Property Fraudulently Conveyed.
Section 525.392 — Property Converted.
Section 525.393 — Disposal By Coroner.
Section 525.475 — Dormant Estate; Removal Of Representative Or Attorney.
Section 525.48 — Final Account, Attorney Fees And Representative Fees.
Section 525.483 — Recording Decree.
Section 525.486 — Termination Of Trusts; Distribution.
Section 525.491 — Attorney's Lien.
Section 525.515 — Basis For Attorney's Fees.
Section 525.528 — Federal Estate Tax; Marital Deduction.
Section 525.71 — Appealable Orders.
Section 525.714 — Suspension By Appeal.
Section 525.73 — Affirmance; Reversal.
Section 525.731 — Judgment; Execution.
Section 525.80 — Representative.
Section 525.831 — Notice To Attorney General Of Devises For Charitable Purposes.
Section 525.84 — Erroneous Escheat.
Section 525.841 — Escheat Returned.
Section 525.85 — Disclosure Proceedings.
Section 525.88 — State Patents.
Section 525.881 — Federal Patents.
Section 525.91 — Letters, Contents.
Section 525.95 — Fiduciary Powers, Suspension During War Service.