(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upon request at reasonable times by the beneficiary or the beneficiary's legal representative, (iii) upon resignation or removal of the custodial trustee, and (iv) upon termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary's legal representative, if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.
(b) A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative.
(c) A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.
(d) In an action or proceeding under sections 529.01 to 529.19 or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts.
(e) If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.
(f) On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.
(g) All proceedings described in this section shall be conducted in accordance with the procedures set forth in sections 501C.0201 to 501C.0208.
1990 c 476 s 14; 2015 c 5 art 15 s 17
Structure Minnesota Statutes
Chapters 524 - 532 — Probate; Property; Estates; Guardianships; Anatomical Gifts
Chapter 529 — Uniform Custodial Trust Act
Section 529.02 — Custodial Trust; General.
Section 529.03 — Custodial Trustee For Future Payment Or Transfer.
Section 529.04 — Form And Effect Of Receipt And Acceptance By Custodial Trustee, Jurisdiction.
Section 529.05 — Multiple Beneficiaries; Separate Custodial Trusts; Survivorship.
Section 529.06 — General Duties Of Custodial Trustee.
Section 529.07 — General Powers Of Custodial Trustee.
Section 529.08 — Use Of Custodial Trust Property.
Section 529.09 — Determination Of Incapacity; Effect.
Section 529.10 — Exemption Of Third Person From Liability.
Section 529.11 — Liability To Third Person.
Section 529.13 — Expenses, Compensation, And Bond Of Custodial Trustee.
Section 529.15 — Limitations Of Action Against Custodial Trustee.
Section 529.16 — Distribution On Termination.
Section 529.17 — Methods And Forms For Creating Custodial Trusts.