Section 700.7904 – Attorney Fees and Costs; Receipt of Expenses and Disbursements; Reduction or Denial of Claim With Respect to Breach of Trust.
700.7904 Attorney fees and costs; receipt of expenses and disbursements; reduction or denial of claim with respect to breach of trust. Sec. 7904. (1) In a proceeding involving the administration of a trust, the court, as justice and equity require, may award costs and expenses, including reasonable attorney fees, to any party who enhances, preserves, […]
Section 700.7905 – Commencement of Proceedings; Limitations.
700.7905 Commencement of proceedings; limitations. Sec. 7905. (1) The following limitations on commencing proceedings apply in addition to other limitations provided by law: (a) A trust beneficiary shall not commence a proceeding against a trustee for breach of trust more than 1 year after the date the trust beneficiary or a representative of the trust […]
Section 700.7906 – Reliance on Trust Instrument.
700.7906 Reliance on trust instrument. Sec. 7906. A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a trust beneficiary for a breach of trust to the extent the breach resulted from the reliance. History: Add. 2009, Act 46, Eff. Apr. 1, […]
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 700.7820 – Payment Provisions; Facility.
700.7820 Payment provisions; facility. Sec. 7820. (1) A trustee may act under section 7817(ff) by paying money or other property to 1 or more of the following: (a) The minor or incapacitated individual directly. (b) A person or institution providing support, maintenance, education, or medical, surgical, hospital, or other institutional care for the minor or […]
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 […]