Tèks konplè gid sa a an angle; rezime ki anwo a nan lang ou. Rezime lwa yo ak vèsyon angle a rete sous referans lan.
Records · 5 min lekti
What the statute provides
MCL 700.7811 provides that a trustee keeps adequate records of the administration, keeps trust property separate from the trustee's own, and — where the property is held by someone else — causes the trust's interest to appear in that holder's records, subject to the exceptions the section lists (among them, investing several trusts' property as a whole with clear records, and holding property in nominee form).
The report that rests on the record
The annual report lists the trust property, liabilities, receipts and disbursements, including the trustee's compensation, with market values where feasible (MCL 700.7814(3)). A report that adequately discloses a potential claim and states the time allowed starts a one-year period for a proceeding (MCL 700.7905(1)(a)); without one, the longer periods of MCL 700.7905(3) apply.
Practical habits
One trust account; every receipt and invoice kept; distributions recorded with date, amount and recipient; valuations kept with their source; and copies of every notice with the date and method of sending. Expenses properly incurred are reimbursed (MCL 700.7709), and the record shows which were.
Lwa yo, mo pou mo
Reimbursement of expenses; advance of money as lien; advances and reimbursement not as self-dealing or breach of fiduciary duty
MCL 700.7709 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Recordkeeping and identification of trust property
MCL 700.7811 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Duty to inform and report
MCL 700.7814 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Commencement of proceedings; limitations
MCL 700.7905 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
What records does a Michigan trustee have to keep?
Adequate records of the administration, with trust property kept separate and the trust's interest shown in the records of anyone else holding its property (MCL 700.7811).
Can a Michigan trustee use a personal account for trust money?
The statute provides that trust property is kept separate from the trustee's own property (MCL 700.7811(2)).
Why do the records matter for the time limits?
A report that adequately discloses a potential claim and states the time allowed starts a one-year period for a breach-of-trust proceeding (MCL 700.7905(1)(a)).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Michigan — se pa konsèy legal, e li pa ranplase konsèy yon avoka Michigan ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.