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Core duties · 6 хв читання
The Michigan prudent investor rule
MCL 700.1502 provides that a fiduciary invests and manages assets as a prudent investor would, considering the purposes, terms, distribution requirements and other circumstances, exercising reasonable care, skill and caution. The rule is a default that the governing instrument may expand, restrict, eliminate or otherwise alter. MCL 700.7803 has a trustee act as a prudent person would in dealing with the property of another, under that rule, and use any special skills the trustee has or was named for.
Impartiality and loyalty
A fiduciary owes each beneficiary undivided loyalty and impartiality (MCL 700.1212). MCL 700.7802(1) provides that a trustee administers the trust solely in the interests of the trust beneficiaries. A transaction for the trustee's own account, or one affected by a substantial conflict between the trustee's fiduciary and personal interests, is voidable by an affected beneficiary unless an exception applies — for example, the terms authorized it, the court approved it after notice, or the beneficiary consented (MCL 700.7802(2)).
A transaction with the trustee's spouse, descendant, sibling or parent (or their spouses), the trustee's agent or attorney, or an enterprise in which the trustee has an interest that might affect its judgment is presumed to be affected by a conflict (MCL 700.7802(3)).
Discretion and its limits
However broad the discretion a trust grants, MCL 700.7815(1) provides that a trustee abuses it by acting dishonestly, with an improper motive, or without exercising judgment in accordance with the trust's terms and purposes. Unless the terms expressly say otherwise, a beneficiary-trustee other than a settlor exercises a discretionary power to distribute to itself only under an ascertainable standard (MCL 700.7815(3)).
Factors a trustee weighs
The statutes frame questions, not answers: the trust's purposes and distribution needs, the beneficiaries' differing interests, diversification, costs, and whether a decision benefits anyone other than the beneficiaries. A licensed Michigan attorney of your choosing can advise on a specific investment or a transaction with someone close to you.
Закони, дослівно
Prudent investor rule
MCL 700.1502 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Duty of loyalty
MCL 700.7802 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Impartiality; use of standards of Michigan prudent investor rule
MCL 700.7803 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Discretionary powers; abuse; liability to beneficiary; rules; effect of limited or prohibited powers; exceptions
MCL 700.7815 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Поширені запитання
What is Michigan's prudent investor rule?
A fiduciary invests and manages assets as a prudent investor would, considering the purposes, terms and distribution requirements of the governing instrument, with reasonable care, skill and caution (MCL 700.1502); a trustee follows it under MCL 700.7803.
Can a Michigan trustee buy property from the trust?
A transaction for the trustee's own account is voidable by an affected beneficiary unless an exception in MCL 700.7802(2) applies — among them, authorization in the terms, court approval after notice, or the beneficiary's consent.
Does "sole discretion" mean a Michigan trustee cannot be questioned?
No. However broadly discretion is granted, a trustee abuses it by acting dishonestly, with an improper motive, or without exercising judgment by the trust's terms and purposes (MCL 700.7815(1)).
За темою
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