554.94 Applicability of act to certain personal property; scope of trust.

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Sec. 4.

(1)This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.

(2)For purposes of this section, both of the following apply:

(a)A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.

(b)A trust is a "special appointee trust" to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of the following apply to the assets:

(i)The assets have continuously been held in trust since September 25, 1985.

(ii)The assets have not become subject to a general power of appointment since September 25, 1985.

History: 2008, Act 148 , Imd. Eff. May 28, 2008 ;-- Am. 2011, Act 12 , Imd. Eff. Mar. 24, 2011 ;-- Am. 2022, Act 154 , Imd. Eff. July 19, 2022