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

2. Borrowing in an irrevocable trust is much more difficult
and requires extensive analysis and the involvement of the
attorney. I have only had one situation where it was used. In
that case it was used to obtain funds for the beneficiary of a
self-settled trust created as the result of a personal injury
suit.
g. Incomplete or Non-Existent Family Information.
1. Prepare a family tree and collect social security numbers
and get dates of birth and death and determine family
relationships if at all possible for your clients. Collect dates
of marriage. Keep addresses up to date. This is helpful
when you have multiple generations with the same first
name.
h. Majority Rule Clauses.
1. Minnesota law does not provide for majority rule among
multiple co-trustees, so you need to add this to your
document if you wish to have that flexibility and a way to
resolve issues between co-trustees where consensus
cannot be reached.
i. Clauses Addressing Concentrations.
1. Language addressing concentrations must be very strong
to absolve a corporate trustee of the duty to diversify.
Simply referring to a concentration and stating that the
corporate trustee is under no duty to diversify is not strong
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