Section 700.7703 – Cotrustees; Powers and Duties; Relief of Liability.
700.7703 Cotrustees; powers and duties; relief of liability. Sec. 7703. (1) Except as otherwise provided in this section, cotrustees shall act by majority decision. (2) A cotrustee shall participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other […]
Section 700.7703a – Rules of Construction; Nonfiduciary Powers Under a Trust; Power of Direction to Trust Director; Duties and Limitations of Trust Director and Trustee; Liability; Applicability of Rules to Trusteeship; Definitions.
700.7703a Rules of construction; nonfiduciary powers under a trust; power of direction to trust director; duties and limitations of trust director and trustee; liability; applicability of rules to trusteeship; definitions. Sec. 7703a. (1) Excepting the rules of construction in subsection (2), this section does not apply to: (a) A power of appointment that is intended […]
Section 700.7703b – Separate Trustees Provision; Trust Instrument; Duties and Powers; Liability; Definitions.
700.7703b Separate trustees provision; trust instrument; duties and powers; liability; definitions. Sec. 7703b. (1) A trust instrument may include a separate trustees provision. (2) While a separate trustees provision applies, the whole trusteeship of the aggregate trust is divided, under the terms of the separate trustees provision, into discrete sets of separately accepted fiduciary responsibilities, […]
Section 700.7704 – Vacancy in Trusteeship; Manner of Filling; Priority; Appointment by Court of Additional Trustee or Fiduciary; Definitions.
700.7704 Vacancy in trusteeship; manner of filling; priority; appointment by court of additional trustee or fiduciary; definitions. Sec. 7704. (1) A vacancy in a trusteeship occurs if 1 or more of the following occur: (a) A person designated as trustee rejects the trusteeship. (b) A person designated as trustee cannot be identified or does not […]
Section 700.7705 – Resignation of Trustee; Circumstances; Issuance of Orders and Conditions; Liability.
700.7705 Resignation of trustee; circumstances; issuance of orders and conditions; liability. Sec. 7705. (1) A trustee may resign in either of the following circumstances: (a) Upon at least 28 days’ notice to the qualified trust beneficiaries, the holders of powers of appointment, and all cotrustees. (b) With the approval of the court. (2) In approving […]
Section 700.7612 – Payment of Claims by Trustee.
700.7612 Payment of claims by trustee. Sec. 7612. (1) Upon the expiration of 4 months after the date of the publication of the notice to creditors, the trustee shall proceed to pay the claims allowed against the trust in the order of priority prescribed in section 7607(2)(f) to (i), after making provision for costs and […]
Section 700.7603 – Powers of Settlor; Exceptions; Settlor as Incapacitated Individual; Powers of Withdrawal; Actions by Predecessor Trustee.
700.7603 Powers of settlor; exceptions; settlor as incapacitated individual; powers of withdrawal; actions by predecessor trustee. Sec. 7603. (1) Subject to subsection (2), while a trust is revocable, rights of the trust beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. This subsection does not […]
Section 700.7604 – Proceeding to Contest Validity of Revocable Trust; Limitation; Distribution of Property; Liability.
700.7604 Proceeding to contest validity of revocable trust; limitation; distribution of property; liability. Sec. 7604. (1) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor’s death within the earlier of the following: (a) Two years after the settlor’s death. (b) Six months after the […]
Section 700.7605 – Liability of Trust for Expenses, Claims, and Allowances.
700.7605 Liability of trust for expenses, claims, and allowances. Sec. 7605. (1) The property of a trust over which the settlor has the right without regard to the settlor’s mental capacity, at his or her death, either alone or in conjunction with another person, to revoke the trust and revest principal in himself or herself […]
Section 700.7606 – Payment of Expenses and Obligations of Settlor’s Estate; Duty of Trustee.
700.7606 Payment of expenses and obligations of settlor’s estate; duty of trustee. Sec. 7606. (1) A trustee of a trust described in section 7605(1) shall pay to the personal representative of the settlor’s estate the amount that the personal representative certifies in writing to the trustee is required to pay the administration expenses of the […]