Michigan Compiled Laws 386-1998-vii-6 Part 6 Revocable Trusts (700.7601...700.7615)

• Section 700.7601 Capacity Of Settlor Of Revocable Trust.
  The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a...
• Section 700.7602 Revocation Or Amendment Of Revocable Trust.
  (1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection...
• Section 700.7603 Powers Of Settlor; Exceptions; Settlor As Incapacitated Individual; Powers Of Withdrawal; Actions By Predecessor Trustee.
  (1) Subject to subsection (2), while a trust is revocable, rights of the trust beneficiaries are subject to the control of, and the duties...
• Section 700.7604 Proceeding To Contest Validity Of Revocable Trust; Limitation; Distribution Of Property; Liability.
  (1) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the...
• Section 700.7605 Liability Of Trust For Expenses, Claims, And Allowances.
  (1) The property of a trust over which the settlor has the right without regard to the settlor's mental capacity, at his or her...
• Section 700.7606 Payment Of Expenses And Obligations Of Settlor's Estate; Duty Of Trustee.
  (1) A trustee of a trust described in section 7605(1) shall pay to the personal representative of the settlor's estate the amount that the...
• Section 700.7607 Rules Regarding Payment Of Expenses And Obligations; Priority; Decedent As Settlor Of More Than 1 Trust.
  (1) The following rules apply to section 7606(2): (a) Upon the failure or insufficiency of money or property out of which payment should be...
• Section 700.7608 Duty Of Trustee To Give Notice.
  If there is no personal representative of the settlor's estate to whom letters of administration have been issued so that the publication and notice...
• Section 700.7609 Presentation Of Claims Against Trust.
  (1) Subject to section 7611, if notice to claimants is given by a trustee as provided in section 7608, a claimant shall present a...
• Section 700.7610 Presentation Of Claims To Assert Liability; Time Limitation; Exceptions.
  (1) Subject to section 7611, if not barred earlier by another statute of limitations, a claim against the settlor of a trust described in...
• Section 700.7611 Allowance Or Disallowance Of Claims Against Revocable Trust.
  If there is no personal representative appointed for the settlor's estate and notice is given in accordance with section 7608, the allowance or disallowance...
• Section 700.7612 Payment Of Claims By Trustee.
  (1) Upon the expiration of 4 months after the date of the publication of the notice to creditors, the trustee shall proceed to pay...
• Section 700.7613 Secured Claims; Payment; Basis.
  Payment of a secured claim shall be upon the basis of the amount allowed if the creditor surrenders the security. Otherwise, payment shall be...
• Section 700.7614 Claims Due At Future Time, Contingent Claim, Or Unliquidated Claim.
  A claim that will become due at a future time, a contingent claim, or an unliquidated claim is governed by the following: (a) If...
• Section 700.7615 Counterclaims Of Trustee.
  In allowing a claim, the trustee may deduct a counterclaim that the trustee has against the claimant. In determining a claim against a trust,...

Last modified: October 10, 2016