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Distributions · 6 мин чтения
What the words mean in Michigan
MCL 700.2718 provides that when an instrument created or amended on or after April 1, 2000 calls for distribution "by representation" or "per capita at each generation", the property is divided per capita at each generation; when it calls for "per stirpes", the property divides at the designated ancestor's children, each deceased child's share passing the same way to that child's descendants. Michigan's intestate division by representation is per capita at each generation (MCL 700.2106).
The trust's own definitions control where it gives one. The Distribution Calculator shows the fractions side by side for a family's shape.
Discretionary distributions
A beneficiary of a discretionary trust provision has no property right in that interest (MCL 700.7815(1), 700.7505), but a trustee abuses its discretion by acting dishonestly, with an improper motive, or without exercising judgment by the trust's terms and purposes (MCL 700.7815(1)).
Before distributing after a death
Creditors' claims against a settlor of a revocable trust are presented within the periods of MCL 700.7610 — 4 months after a compliant notice to creditors is published, or 3 years after the death without one. A trust that was revocable at the death may be contested within the earlier of 2 years after the death and 6 months after the trustee's notice; the trustee may distribute unless it knows of a pending contest or a contest begins within 63 days after a contestant's written notice (MCL 700.7604).
At termination
MCL 700.7821 provides that on termination the trustee proceeds expeditiously to distribute to those entitled, keeping a reasonable reserve for debts, taxes and expenses; a proposal for distribution ends a beneficiary's right to object if no objection is made within 28 days after it was sent and it stated the right and the time.
Законы, дословно
Representation
MCL 700.2106 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Representation; per capita at each generation; per stirpes
MCL 700.2718 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Presentation of claims to assert liability; time limitation; exceptions
MCL 700.7610 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Distribution upon termination
MCL 700.7821 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Does "per stirpes" mean the same as "by representation" in Michigan?
No. For an instrument created or amended on or after April 1, 2000, "by representation" means per capita at each generation, while "per stirpes" divides at the designated ancestor's children (MCL 700.2718).
When can a Michigan trustee distribute after a death?
The statutes set the periods a trustee reads: the creditors' periods (MCL 700.7610) and the contest period (MCL 700.7604). A licensed Michigan attorney of your choosing can advise on timing and a reserve.
Can a Michigan trustee keep money back at termination?
Yes — a reasonable reserve for the payment of debts, taxes and expenses (MCL 700.7821(2)).
По теме
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