Relating to estates and trusts

ARTICLE 1 - UNIFORM PROBATE CODE AMENDMENTS

Adding a cost-of-living adjustment; modifying general definitions, Modifying provisions relating to share of the spouse and share of heirs other than surviving spouse, providing for individual in gestation, parent barred from inheriting in certain circumstances, effect of parent-child relationship, no distinction based on marital status, adoptee and adoptee's adoptive and genetic parents, children conceived by assisted reproduction other than a child born to gestational carrier, children born to gestational carriers, equitable adoption effect, elective share, exempt property, notarized and holographic wills, self-proved wills, exceptions to class gifts construed to accord with intestate succession, reformation to correct mistakes, and modification to achieve transferor's tax objectives testimony of attesting witnesses and provisions for transition; repealing after-born heirs provisions

ARTICLE 2 - UNIFORM ESTATE TAX APPORTIONMENT ACT

"Uniform Estate Tax Apportionment Act"; modifying certain definitions; providing for statutory apportionment of estate taxes, apportionment by will or other dispositive instrument, credits and deferrals, insulated property and advancement of tax, apportionment and recapture of special elective benefits, securing payment of estate tax from property in possession of fiduciary, collection of estate tax by fiduciary, right of reimbursement, action to determine or enforce act, uniformity of application and construction and delayed application

ARTICLE 3 - UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT

"Uniform Disclaimer of Property Interests Act"; defining terms and scope; providing a tax-qualified disclaimer, when disclaimer is permitted, barred or limited, power to disclaim, general requirements and irrevocability, delivery or filing and application to existing relationships; providing for disclaimer of interest in property, rights of survivorship in jointly held property, interest by trustee, power of appointment or other power not held in a fiduciary capacity by appointee, object or taker in default of exercise of power of appointment and power held in fiduciary capacity and recording of disclaimer relating to real estate; providing for application to existing relationships; repealing disclaimer of interests passing by deed, assignment under certain nontestamentary instruments or under certain powers of appointment

ARTICLE 4 - UNIFORM POWER OF ATTORNEY ACT

"Uniform Power of Attorney Act"; defining terms; providing for applicability, durable power of attorney and execution, validity and meaning and effect of power of attorney; providing for nomination of conservators or guardians and relation of agent to court appointed fiduciary; providing for when power of attorney is effective and for termination of power of attorney; providing for co-agents and successor agents, providing for reimbursement and compensation of agents; providing for agents acceptance, duties, exoneration, judicial relief, liability, resignation and acknowledged power; providing for principles of law and equity, laws applicable to financial institutions and entities, remedies under other law, authority, real property, tangible personal property, stocks and bonds, commodities and options, banks and other financial institutions, entity or business operation, insurance and annuities, estates, trusts and other beneficial interests, claims, litigation, personal and family maintenance, government programs and civil and military service benefits, retirement plans, taxes and gifts; providing for a statutory form power of attorney; providing for a statutory form for power of attorney and agent certification form; providing for the relation to electronic signatures in global and national commerce and the effect on existing powers of attorney; repealing powers of attorney provisions

ARTICLE 5 - UNIFORM MULTIPLE-PERSON ACCOUNTS ACT

"Uniform Multiple-Person Accounts Act"; providing for nonprobate transfers on death, liability of nonprobate transferees for creditor claims and statutory allowances; defining certain terms; providing for scope and applicability of chapter, statutory forms, agent designation, ownership during lifetime, rights at death, alteration of rights, accounts, transfers nontestamentary, rights of creditors and others, community property and tenancy, financial institution authority, multiple-party account, POD designation, designated agent, and minor payments, discharge, set-off, registration in beneficiary form, sole or joint tenancy ownership, registration in beneficiary form, applicable law, registration origination, beneficiary form and effect, ownership on death of owner, registering entity protection, nontestamentary transfer on death, registration forms, terms and conditions, uniform application and construction, and supplementary general principles of law applicability; repealing the uniform probate code relating to nonprobate transfers on death Minnesota multiparty accounts act
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