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Is it difficult to set up a living trust in Michigan?
It isn’t difficult to create a living trust in Michigan. However, it does require some planning and research. You can set up a living trust your own, but unless you’re very confident in your financial abilities you might want to hire a lawyer. If you have an especially complicated or large estate it might make sense to get a living trust.
What are the rights of a trustee under Michigan Law?
Trusts under Michigan Law. While a trust is revocable, rights of the trust beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. This does not apply to either of the following: (a) A trust created by the exercise of a power described in section 7820a.
What is the Michigan Trust Code (MCT)?
Trusts are control under Michigan law by the Michigan Trust Code (MCT), MCL 700.7101 -.7913. Under the MTC the capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
Is there a penalty clause for contesting a trust in Michigan?
Section 7113 (Penalty Clause for Contest of Trust). The Michigan Trust Code also includes a penalty clause provision applicable to trusts that is similar to EPIC Sections 2518 and 3905. Part 2 sets forth several provisions dealing with the courts and their relationship to trusts. Section 7201 (Role of Court in Administration of Trust).
What are the benefits of a revocable trust in Michigan?
Revocable trusts have some flexibility. The grantor can remove property from the trust and modify the trust at his or her discretion. The grantor still owns the property in the trust and remains responsible for paying taxes on it. How Much Does It Cost to Create a Living Trust in Michigan?
Are the rules of construction applicable to trusts in Michigan?
Part 7 of Article II of EPIC currently has rules of construction that are applicable to trusts. However, the specific gift, ademption, and exoneration rules in EPIC Sections 2605 through 2608 do not apply to trusts. The Michigan Trust Code Section 7112 incorporates these sections by reference and extends them to trusts.