Michigan Compiled Laws 386-1998-vii-8 Part 8 Duties And Powers Of Trustee (700.7801...700.7821)

• Section 700.7801 Administration Of Trust; Duties Of Trustee.
  Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, expeditiously, in accordance with its terms and purposes, for the...
• Section 700.7802 Duty Of Loyalty.
  (1) A trustee shall administer the trust solely in the interests of the trust beneficiaries. (2) Subject to the rights of persons dealing with...
• Section 700.7803 Impartiality; Use Of Standards Of Michigan Prudent Investor Rule.
  The trustee shall act as would a prudent person in dealing with the property of another, including following the standards of the Michigan prudent...
• Section 700.7808 Settlor's Power To Direct Contrary To Trust Terms.
  While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. History:...
• Section 700.7809 Trust Protector; Exercise Of Powers.
  (1) A trust protector, other than a trust protector who is a beneficiary of the trust, is subject to all of the following: (a)...
• Section 700.7810 Control And Protection Of Trust Property.
  A trustee shall take reasonable steps to take control of and protect the trust property. History: Add. 2009, Act 46, Eff. Apr. 1, 2010...
• Section 700.7811 Recordkeeping And Identification Of Trust Property.
  (1) A trustee shall keep adequate records of the administration of the trust. (2) A trustee shall keep trust property separate from the trustee's...
• Section 700.7812 Enforcement And Defense Of Claims.
  A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. History: Add. 2009, Act 46,...
• Section 700.7813 Duty To Locate Trust Property And Compel Delivery; Retention Of Reserve For Payment Of Expenses; Improper Distribution Or Payment From Trust; Wrongful Conversion.
  (1) A trustee shall take reasonable steps to locate trust property and to compel a former trustee or other person to deliver trust property...
• Section 700.7814 Duty To Inform And Report.
  (1) A trustee shall keep the qualified trust beneficiaries reasonably informed about the administration of the trust and of the material facts necessary for...
• Section 700.7815 Discretionary Powers; Abuse; Liability To Beneficiary; Rules; Effect Of Limited Or Prohibited Powers; Exceptions.
  (1) A beneficiary of a discretionary trust provision as described in section 7505 has no property right in a trust interest that is subject...
• Section 700.7816 General Powers Of Trustee.
  (1) A trustee, without authorization by the court, may exercise all of the following: (a) Powers conferred by the terms of the trust. (b)...
• Section 700.7817 Specific Powers Of Trustee.
  Without limiting the authority conferred by section 7816, a trustee has all of the following powers: (a) To take possession, custody, or control of...
• Section 700.7818 Environmental Concerns Or Hazards; Powers Of Trustee.
  (1) In connection with an environmental concern or hazard, a trustee may do any of the following: (a) Inspect property or the operation of...
• Section 700.7819 Tax Matters; Powers Of Trustee.
  (1) A trustee may do any of the following in connection with a tax matter: (a) Make, revise, or revoke an available allocation, consent,...
• Section 700.7820 Payment Provisions; Facility.
  (1) A trustee may act under section 7817(ff) by paying money or other property to 1 or more of the following: (a) The minor...
• Section 700.7820a Irrevocable Trust Including Discretionary Trust Provision; Distribution; Definitions.
  (1) If an irrevocable trust includes a discretionary trust provision, the trustee of the trust may, unless the terms of the first trust expressly...
• Section 700.7821 Distribution Upon Termination.
  (1) Upon termination or partial termination of a trust, the trustee may send to the trust beneficiaries a proposal for distribution. The right of...

Last modified: October 10, 2016