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 […]
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 700.7709 – 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: […]
Section 700.7802 – Duty of Loyalty.
700.7802 Duty of loyalty. Sec. 7802. (1) A trustee shall administer the trust solely in the interests of the trust beneficiaries. (2) Subject to the rights of persons dealing with or assisting the trustee as provided in section 7912, a sale, encumbrance, or other transaction involving the investment or management of trust property entered into […]
Section 700.7803 – Impartiality; Use of Standards of Michigan Prudent Investor Rule.
700.7803 Impartiality; use of standards of Michigan prudent investor rule. Sec. 7803. The trustee shall act as would a prudent person in dealing with the property of another, including following the standards of the Michigan prudent investor rule. If the trustee has special skills or is named trustee on the basis of representation of special […]
Section 700.7808 – Settlor’s Power to Direct Contrary to Trust Terms.
700.7808 Settlor’s power to direct contrary to trust terms. Sec. 7808. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC