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Code · Michigan · Chapter 700 — Estates and Protected Individuals Code

700.1503 Portfolio strategy; risk and return objectives.

303 words·~1 min read·/mi/chapter-700/700-1503

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700.1503 Portfolio strategy; risk and return objectives.
Sec. 1503.
(1)A fiduciary's investment and management decisions with respect to individual assets shall be evaluated not in isolation, but rather in the context of the fiduciary estate portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the fiduciary estate.
(2)Among circumstances that a fiduciary must consider in investing and managing fiduciary assets are all of the following that are relevant to the fiduciary estate or its beneficiaries:
(a)General economic conditions.
(b)The possible effect of inflation or deflation.
(c)The expected tax consequences of an investment decision or strategy.
(d)The role that each investment or course of action plays within the overall portfolio, which may include financial assets, interests in closely-held enterprises, tangible and intangible personal property, and real property.
(e)The expected total return from income and the appreciation of capital.
(f)Other resources of the beneficiaries.
(g)The need for liquidity, regularity of income, and preservation or appreciation of capital.
(h)An asset's special relationship or special value, if any, to the purposes of the fiduciary estate or to 1 or more of the beneficiaries.
(3)A fiduciary shall make a reasonable effort to verify facts relevant to the investment and management of fiduciary assets.
(4)A fiduciary may invest in any kind of property or type of investment consistent with the standards of the Michigan prudent investor rule. A particular investment is not inherently prudent or imprudent.
(5)A fiduciary who has special skill or expertise, or is named fiduciary in reliance upon the fiduciary's representation that the fiduciary has special skill or expertise, has a duty to use that special skill or expertise.
History: 1998, Act 386 , Eff. Apr. 1, 2000
Popular Name: EPIC
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