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: […]
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 […]
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 […]
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
700.7809 Repealed. 2018, Act 664, Eff. Mar. 29, 2019. Compiler’s Notes: The repealed section pertained to the exercise of powers by a trust protector.Popular Name: EPIC
700.7810 Control and protection of trust property. Sec. 7810. A trustee shall take reasonable steps to take control of and protect the trust property. History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
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 […]
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
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
