Section 700.7820a – Irrevocable Trust Including Discretionary Trust Provision; Distribution; Definitions.
700.7820a Irrevocable trust including discretionary trust provision; distribution; definitions. Sec. 7820a. (1) If an irrevocable trust includes a discretionary trust provision, the trustee of the trust may, unless the terms of the first trust expressly provide otherwise, distribute by written instrument all or part of the property subject to that provision to the trustee of […]
Section 700.7821 – Distribution Upon Termination.
700.7821 Distribution upon termination. Sec. 7821. (1) Upon termination or partial termination of a trust, the trustee may send to the trust beneficiaries a proposal for distribution. The right of any trust beneficiary to object to the proposed distribution terminates if the trust beneficiary does not notify the trustee of an objection within 28 days […]
Section 700.7811 – Recordkeeping and Identification of Trust Property.
700.7811 Recordkeeping and identification of trust property. Sec. 7811. (1) A trustee shall keep adequate records of the administration of the trust. (2) A trustee shall keep trust property separate from the trustee’s own property. (3) Except as otherwise provided in subsection (4), to the extent that property is held by someone other than the […]
Section 700.7812 – Enforcement and Defense of Claims.
700.7812 Enforcement and defense of claims. Sec. 7812. A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
Section 700.7813 – Duty to Locate Trust Property and Compel Delivery; Retention of Reserve for Payment of Expenses; Improper Distribution or Payment From Trust; Wrongful Conversion.
700.7813 Duty to locate trust property and compel delivery; retention of reserve for payment of expenses; improper distribution or payment from trust; wrongful conversion. Sec. 7813. (1) A trustee shall take reasonable steps to locate trust property and to compel a former trustee or other person to deliver trust property to the trustee. (2) A […]
Section 700.7814 – Duty to Inform and Report.
700.7814 Duty to inform and report. Sec. 7814. (1) A trustee shall keep the qualified trust beneficiaries reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a trust beneficiary’s request for information related […]
Section 700.7815 – Discretionary Powers; Abuse; Liability to Beneficiary; Rules; Effect of Limited or Prohibited Powers; Exceptions.
700.7815 Discretionary powers; abuse; liability to beneficiary; rules; effect of limited or prohibited powers; exceptions. Sec. 7815. (1) A beneficiary of a discretionary trust provision as described in section 7505 has no property right in a trust interest that is subject to a discretionary trust provision, and has no right to any amount of trust […]
Section 700.7816 – General Powers of Trustee.
700.7816 General powers of trustee. Sec. 7816. (1) A trustee, without authorization by the court, may exercise all of the following: (a) Powers conferred by the terms of the trust. (b) Except as limited by the terms of the trust, all of the following: (i) All powers over the trust property that an unmarried competent […]
Section 700.7817 – Specific Powers of Trustee.
700.7817 Specific powers of trustee. Sec. 7817. Without limiting the authority conferred by section 7816, a trustee has all of the following powers: (a) To take possession, custody, or control of property transferred to the trust and accept or reject additions to the trust. (b) To retain property that the trustee receives, including property in […]
Section 700.7818 – Environmental Concerns or Hazards; Powers of Trustee.
700.7818 Environmental concerns or hazards; powers of trustee. Sec. 7818. (1) In connection with an environmental concern or hazard, a trustee may do any of the following: (a) Inspect property or the operation of a business activity on property, including property held in or operated by a sole proprietorship, partnership, corporation, or limited liability company […]