700.7401 Creating trust; methods. Sec. 7401. (1) A trust may be created by any of the following: (a) Transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death. (b) Declaration by the owner of property that the owner holds identifiable property […]
700.7402 Creating trust; requirements. Sec. 7402. (1) A trust is created only if all of the following apply: (a) The settlor has capacity to create a trust. (b) The settlor indicates an intention to create the trust. (c) The trust has a definite beneficiary or is either of the following: (i) A charitable trust. (ii) […]
700.7403 Trusts created in other jurisdictions. Sec. 7403. A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed or the law of a jurisdiction to which, at the time of creation, any of the following applied: (a) The settlor […]
700.7404 Trust purposes. Sec. 7404. A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. History: 1998, Act 386, Eff. Apr. 1, 2000 ;– Am. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
700.7405 Charitable trusts; purposes; enforcement. Sec. 7405. (1) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, scientific, literary, benevolent, governmental, or municipal purposes, any purpose described in section 501(c)(3) of the internal revenue code, 26 USC 501, or other purposes the achievement […]
700.7406 Creation of trust induced by fraud, duress, or undue influence. Sec. 7406. A trust is void to the extent its creation was induced by fraud, duress, or undue influence. History: 1998, Act 386, Eff. Apr. 1, 2000 ;– Am. 2004, Act 314, Eff. Sept. 1, 2004 ;– Am. 2009, Act 46, Eff. Apr. 1, […]
700.7407 Evidence of oral trust. Sec. 7407. Except as required by a statute other than this article, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. History: 1998, Act 386, Eff. Apr. 1, 2000 ;– […]
700.7408, 700.7409 Repealed. 2009, Act 46, Eff. Apr. 1, 2010. History: The repealed sections pertained to trustee authority regarding tax matters and payment provisions. Popular Name: EPIC
700.7410 Modification or termination of trust; procedures for approval or disapproval. Sec. 7410. (1) In addition to the methods of termination prescribed by sections 7411 to 7414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes […]
700.7411 Modification or termination of noncharitable trust; consent; “settlor’s representative” defined. Sec. 7411. (1) Subject to subsection (2), a noncharitable irrevocable trust may be modified or terminated in any of the following ways: (a) By the court on the consent of the trustee and the qualified trust beneficiaries, if the court concludes that the modification […]
700.7412 Modification or termination of trust; unanticipated circumstances or inability to administer effectively. Sec. 7412. (1) The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust’s administration. (2) The court may modify the administrative or dispositive terms […]
700.7413 Cy pres. Sec. 7413. (1) Except as otherwise provided in subsections (2) or (3), if a particular charitable purpose becomes unlawful, impracticable, or impossible to achieve, no alternative taker is named or provided for, and the court finds the settlor had a general, rather than a specific, charitable intent, all of the following apply: […]
700.7414 Termination or modification of noncharitable trust; section inapplicable to easement for conservation or preservation. Sec. 7414. (1) After 63 days after notice to the qualified trust beneficiaries and, if the trust is a charitable trust, to the attorney general of this state, the trustee of a trust consisting of trust property having a total […]
700.7415 Reformation to correct mistakes. Sec. 7415. The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor’s intention if it is proved by clear and convincing evidence that both the settlor’s intent and the terms of the trust were affected by a mistake of fact or […]
700.7416 Modification to achieve settlor’s tax objectives; retroactive effect. Sec. 7416. To achieve the settlor’s tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor’s probable intention. The court may provide that the modification has retroactive effect. History: Add. 2009, Act 46, Eff. Apr. […]
700.7417 Division or consolidation of trusts. Sec. 7417. (1) After notice to the qualified trust beneficiaries and to the holders of powers of appointment, a trustee may divide trust property into 2 or more separate portions or trusts and allocate property between them if the trusts have substantially identical terms and conditions or if the […]
