Section 700.5433 – Appointment of Conservator in Another State as Temporary Conservator.
700.5433 Appointment of conservator in another state as temporary conservator. Sec. 5433. (1) If a conservator has not been appointed in this state and a petition in a protective proceeding is not pending in this state, a conservator appointed, qualified, and serving in good standing in another state may be appointed immediately as temporary conservator […]
Section 700.5501 – Durable Power of Attorney; Definition; Attorney-in-Fact.
700.5501 Durable power of attorney; definition; attorney-in-fact. Sec. 5501. (1) A durable power of attorney is a power of attorney by which a principal designates another as the principal’s attorney-in-fact in a writing that contains the words “This power of attorney is not affected by the principal’s subsequent disability or incapacity, or by the lapse […]
Section 700.5419 – Conservators; Title by Appointment.
700.5419 Conservators; title by appointment. Sec. 5419. (1) Appointment of a conservator vests in the conservator title as trustee to all of the protected individual’s property, or to the part of that property specified in the order, held at the time of or acquired after the order, including title to property held for the protected […]
Section 700.5420 – Recording of Conservator’s Letters.
700.5420 Recording of conservator’s letters. Sec. 5420. (1) Letters of conservatorship are evidence of transfer of all of the protected individual’s property, or the part of that property specified in the letters, to the conservator. An order terminating a conservatorship is evidence of transfer of the property subjected to the conservatorship from the conservator to […]
Section 700.5421 – Sale, Encumbrance, or Transaction Involving Conflict of Interest; Voidable; Presumption; Compliance With Michigan Prudent Investor Rule; Exceptions.
700.5421 Sale, encumbrance, or transaction involving conflict of interest; voidable; presumption; compliance with Michigan prudent investor rule; exceptions. Sec. 5421. (1) A sale, encumbrance, or other transaction involving the investment or management of estate property in which the conservator has a substantial beneficial interest or that is otherwise affected by a substantial conflict between the […]
Section 700.5422 – Persons Dealing With Conservators; Protection.
700.5422 Persons dealing with conservators; protection. Sec. 5422. (1) A person who in good faith either assists or deals with a conservator for value in a transaction, other than a transaction that requires a court order as provided in section 5407 or 5423(3), is protected as if the conservator properly exercised the power. Except as […]
Section 700.5423 – Powers of Conservator in Administration.
700.5423 Powers of conservator in administration. Sec. 5423. (1) Subject to a limitation imposed under section 5427, a conservator has all of the powers conferred in this section and the additional powers conferred by law on trustees in this state. In addition, a conservator of the estate of an unmarried minor, as to whom no […]
Section 700.5424 – Powers Regarding Environmental Matters.
700.5424 Powers regarding environmental matters. Sec. 5424. (1) To respond to an environmental concern or hazard affecting property, the conservator may do any of the following: (a) Inspect property and the operation of business activity on property held by the conservator, including property held in or operated by a sole proprietorship, partnership, corporation, or limited […]
Section 700.5425 – Distributive Duties and Powers of Conservator.
700.5425 Distributive duties and powers of conservator. Sec. 5425. A conservator may expend or distribute estate income or principal without court authorization or confirmation for the support, education, care, or benefit of the protected individual or the protected individual’s dependents in accordance with the following principles: (a) The conservator shall consider a recommendation relating to […]
Section 700.5426 – Gifts; Distribution to Formerly Protected Individual; Death of Protected Individual.
700.5426 Gifts; distribution to formerly protected individual; death of protected individual. Sec. 5426. (1) If the estate is more than sufficient to provide for the purposes implicit in the distributions authorized by section 5425, a conservator for the protected individual, other than a minor, has the power to make a gift to charity or another […]