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Getting started · 6 мин чтения
Accepting the office
A person named as trustee becomes trustee by accepting. MCL 700.7701 provides that acceptance happens by substantially complying with a method of acceptance the trust provides or — where the trust provides none, or its method is not expressly exclusive — by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance. A designated trustee who does not accept within a reasonable time after knowing of the designation is deemed to have rejected it.
Before accepting, a designee may act to preserve the trust property if a rejection is sent within a reasonable time afterward, and may inspect or investigate the property (MCL 700.7701(3)). A successor to a trustee who was also the settlor is not liable for the settlor's actions as trustee and has no duty to investigate them (MCL 700.7603(4), (5)).
The duties that apply from the first day
MCL 700.7801 provides that, on accepting, a trustee administers the trust in good faith, expeditiously, in accordance with its terms and purposes, for the benefit of the trust beneficiaries, and in accordance with the Michigan Trust Code. The duties that follow each have their own section: loyalty (MCL 700.7802), prudence and impartiality under the Michigan prudent investor rule (MCL 700.7803), taking control of and protecting the property (MCL 700.7810), and keeping adequate records with trust property kept separate (MCL 700.7811).
Two notices, each with 63 days
Michigan's trust code provides two notices to the qualified trust beneficiaries. Within 63 days after accepting, the trustee notifies them of the acceptance, of the court in which the trust is registered (if it is registered), and of the trustee's name, address and telephone number (MCL 700.7814(2)(b)). Within 63 days after learning that the trust is irrevocable — whether by the settlor's death or otherwise — the trustee notifies them of the trust's existence, the settlor's identity, the court of registration (if any), and their right to request a copy of the terms that describe or affect their interests (MCL 700.7814(2)(c)).
A qualified trust beneficiary is defined in MCL 700.7103(g) by the settlor's material purpose and by who would receive distributions now, or if the present interests or the trust ended. Who that is depends on the trust's own terms.
The estate beside the trust
A revocable trust rarely holds everything. Property left outside it passes by beneficiary designation, by joint ownership with survivorship, or through the probate estate, whose personal representative publishes a notice to creditors and sends it to the trustee of the decedent's revocable trust (MCL 700.3801).
The estate's needs can reach the trust: a trust the settlor could revoke at death answers for the estate's expenses, claims and allowances to the extent the probate estate is insufficient (MCL 700.7605), and where no personal representative has letters, the trustee publishes and serves its own notice to creditors (MCL 700.7608).
Законы, дословно
Duty of trustee to give notice
MCL 700.7608 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Acceptance or rejection of trusteeship
MCL 700.7701 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Administration of trust; duties of trustee
MCL 700.7801 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and report
MCL 700.7814 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
How does a Michigan successor trustee accept the office?
By substantially complying with the method of acceptance the trust provides or, where it provides none or its method is not expressly exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee (MCL 700.7701(1)).
Does a Michigan trustee have to notify anyone when the settlor dies?
Michigan's trust code provides for a notice to the qualified trust beneficiaries within 63 days after the trustee learns the trust has become irrevocable, whether by the settlor's death or otherwise (MCL 700.7814(2)(c)), beside the notice within 63 days after accepting (MCL 700.7814(2)(b)).
Where do a Michigan trustee's duties come from?
From the trust's own terms and the Michigan Trust Code (MCL 700.7801–700.7817); the terms prevail except where the code's mandatory rules apply (MCL 700.7105).
По теме
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