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 […]
Section 700.7819 – Tax Matters; Powers of Trustee.
700.7819 Tax matters; powers of trustee. Sec. 7819. (1) A trustee may do any of the following in connection with a tax matter: (a) Make, revise, or revoke an available allocation, consent, or election affecting a tax that is appropriate in order to carry out the settlor’s estate planning objectives and to reduce the overall […]
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 700.7706 – Removal of Trustee.
700.7706 Removal of trustee. Sec. 7706. (1) The settlor, a cotrustee, or a qualified trust beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (2) The court may remove a trustee if 1 or more of the following occur: (a) The trustee […]
Section 700.7707 – Delivery of Property by Former Trustee.
700.7707 Delivery of property by former trustee. Sec. 7707. (1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers […]
Section 700.7708 – Compensation of Trustee.
700.7708 Compensation of trustee. Sec. 7708. (1) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (2) If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the court may […]
Section 700.7709 – Reimbursement of Expenses; Advance of Money as Lien; Advances and Reimbursement Not as Self-Dealing or Breach of Fiduciary Duty.
700.7709 Reimbursement of expenses; advance of money as lien; advances and reimbursement not as self-dealing or breach of fiduciary duty. Sec. 7709. (1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for both of the following: (a) Expenses that were properly incurred in the administration of the […]
Section 700.7801 – Administration of Trust; Duties of Trustee.
700.7801 Administration of trust; duties of trustee. Sec. 7801. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, expeditiously, in accordance with its terms and purposes, for the benefit of the trust beneficiaries, and in accordance with this article. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: […]