Section 700.7907 – Event Affecting Administration or Distribution.
700.7907 Event affecting administration or distribution. Sec. 7907. If the happening of an event, including, but not limited to, marriage, divorce, performance of educational requirements, attainment of a specific age, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is […]
Section 700.7908 – Exculpation of Trustee.
700.7908 Exculpation of trustee. Sec. 7908. (1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that either of the following applies: (a) The term relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes […]
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 700.7901 – Remedies for Breach of Trust.
700.7901 Remedies for breach of trust. Sec. 7901. (1) A violation by a trustee of a duty the trustee owes to a trust beneficiary is a breach of trust. (2) To remedy a breach of trust that has occurred or may occur, the court may do any of the following: (a) Compel the trustee to […]
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 […]