Michigan Compiled Laws 386-1998-vii-4 Part 4 Creation, Validity, Modification, And Termination Of Trust (700.7401...700.7417)

• Section 700.7401 Creating Trust; Methods.
  (1) A trust may be created by any of the following: (a) Transfer of property to another person as trustee during the settlor's lifetime...
• Section 700.7402 Creating Trust; Requirements.
  (1) A trust is created only if all of the following apply: (a) The settlor has capacity to create a trust. (b) The settlor...
• Section 700.7403 Trusts Created In Other Jurisdictions.
  A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument...
• Section 700.7404 Trust Purposes.
  A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. History: 1998,...
• Section 700.7405 Charitable Trusts; Purposes; Enforcement.
  (1) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, scientific, literary,...
• Section 700.7406 Creation Of Trust Induced By Fraud, Duress, Or Undue Influence.
  A trust is void to the extent its creation was induced by fraud, duress, or undue influence. History: 1998, Act 386, Eff. Apr. 1,...
• Section 700.7407 Evidence Of Oral Trust.
  Except as required by a statute other than this article, a trust need not be evidenced by a trust instrument, but the creation of...
• Section 700.7408, 700.7409 Repealed. 2009, Act 46, Eff. Apr. 1, 2010.
• Section 700.7410 Modification Or Termination Of Trust; Procedures For Approval Or Disapproval.
  (1) In addition to the methods of termination prescribed by sections 7411 to 7414, a trust terminates to the extent the trust is revoked...
• Section 700.7411 Modification Or Termination Of Noncharitable Trust; Consent; "Settlor's Representative" Defined.
  (1) Subject to subsection (2), a noncharitable irrevocable trust may be modified or terminated in any of the following ways: (a) By the court...
• Section 700.7412 Modification Or Termination Of Trust; Unanticipated Circumstances Or Inability To Administer Effectively.
  (1) The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or...
• Section 700.7413 Cy Pres.
  (1) Except as otherwise provided in subsections (2) or (3), if a particular charitable purpose becomes unlawful, impracticable, or impossible to achieve, no alternative...
• Section 700.7414 Termination Or Modification Of Noncharitable Trust; Section Inapplicable To Easement For Conservation Or Preservation.
  (1) After 63 days after notice to the qualified trust beneficiaries and, if the trust is a charitable trust, to the attorney general of...
• Section 700.7415 Reformation To Correct Mistakes.
  The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved...
• Section 700.7416 Modification To Achieve Settlor's Tax Objectives; Retroactive Effect.
  To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the...
• Section 700.7417 Division Or Consolidation Of Trusts.
  (1) After notice to the qualified trust beneficiaries and to the holders of powers of appointment, a trustee may divide trust property into 2...

Last modified: October 10, 2016