This bill contains amendments recommended by the Minnesota State Bar Association to the Uniform Disclaimer of Property Interest Act, which took effect on January 1, 2010.
Sections 1 and 7 clarify the scope of the new law and its application to relationships existing before the effective date. Disclaimers that might not be qualified for federal estate and gift tax purposes could still be executed in Minnesota. In addition, section 1 modifies a cross-reference to the Internal Revenue Code to refer to the definition in Minnesota estate tax law that is regularly updated to incorporate future amendments.
Section 2 makes the same change in another cross-reference to the Internal Revenue Code.
Section 3 clarifies that acceptance of a distribution from a trust constitutes acceptance only of that portion and does not constitute acceptance or bar disclaimer of a portion of a beneficial interest not yet distributed.
Section 4 expands the manner in which a partial disclaimer may be expressed to include a reference to specific property or a portion of a beneficial interest in or right to distributions from a trust.
Section 5 modifies recording requirements for a disclaimer of an interest to change it from the clerk of court to the county recorder or registrar of titles.
Section 6 clarifies recording requirements for a disclaimer relating to real estate.
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