Probate & Trust Law Section Conference Manual ... - Minnesota CLE

shall be substituted such other index as the Trustee believes most nearly reflects
the same information. The Trustee shall have discretion in making such
adjustments to do whatever the Trustee reasonably believes carries out my intent,
and shall not be accountable except for lack of good faith.
Termination. When no living grandchild of mine is under age 30, the
Trustee shall distribute remaining Trust assets in shares per stirpes to my then
living descendants, treating my children as then deceased.
V. Trust Provisions for Education
A. Education
1. “Education” includes all expenses incurred in educating an individual
including, without limitation, expenses incurred in connection with such
individual’s attendance at public or private elementary or secondary
school, including instruction in music, performing arts, fine arts or other
subjects; college, university, graduate, postgraduate and professional
school; vocational or technical school; and such expenses shall include
tuition, books, supplies, equipment (including a computer), fees, tutors and
reasonable travel and living expenses. Education shall also be construed
to include physical, occupational and speech therapy.
2. Questions may arise about whether education includes dance lessons, adult
non-degree classes, study abroad, a computer, books related to but not
required for a course, and general reference books.
3. In some cases the donor may wish to require that the student be making
reasonable progress towards the degree or certification, or permit the
trustee to set standards for grade point average or number of credit hours
taken.
4. If the donor desires a somewhat restrictive definition of “education,” the
trust might refer to “qualified higher education expenses” as defined under
section 529 of the Code or “qualified education expenses” as defined
under section 530 of the Code.
B. Education as Prerequisite to Trust Distribution
Qualifying Beneficiary. For purposes of this instrument, a beneficiary
shall be a “qualifying beneficiary”:
(a)
(b)
so long as such beneficiary is under the age of fifteen years; or
so long as such beneficiary is under the age of twenty-five years
and is either (i) a full-time student in primary or secondary school,
or (ii) making reasonable progress towards earning an
undergraduate or graduate degree from an accredited college or
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