Section 501C.0502 - SPENDTHRIFT PROVISION(a) A trust has a valid spendthrift provision if:(1) the trust includes a provision that restricts both voluntary and involuntary transfers of a beneficiary's interest; or(2) by the terms of the trust instrument, the settlor manifests an intention to impose restrictions on both voluntary and involuntary transfers of a beneficiary's interest.(b) A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrict both voluntary and involuntary transfers of the beneficiary's interest.(c) For the purposes of this section, neither a valid disclaimer nor the exercise of a limited power of appointment is a voluntary transfer.(d) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.Added by 2015 Minn. Laws, ch. 5,s 5-1, eff. 1/1/2016.