700.2713 Definitions for survivorship with respect to future interests under terms of trust.
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700.2713 Definitions for survivorship with respect to future interests under terms of trust.
Sec. 2713.
As used in this section and sections 2714 to 2716:
(a)"Alternative future interest" means an expressly created future interest that can take effect in possession or enjoyment instead of another future interest on the happening of 1 or more events, including survival of an event or failure to survive an event, whether an event is expressed in condition-precedent, condition-subsequent, or another form. A residuary clause in a will does not create an alternative future interest with respect to a future interest created in a nonresiduary devise in the will, whether or not the will specifically provides that a lapsed or failed devise is to pass under the residuary clause.
(b)"Beneficiary" means the beneficiary of a future interest and includes a class member if the future interest is in the form of a class gift.
(c)"Class member" includes, but is not limited to, an individual who failed to survive the distribution date but who would have taken under a future interest in the form of a class gift had he or she survived the distribution date.
(d)"Distribution date" means, with respect to a future interest, the time when the future interest takes effect in possession or enjoyment. The distribution date does not need to occur at the beginning or end of a calendar day, but can occur at a time during the course of a day.
(e)"Future interest" includes, but is not limited to, an alternative future interest and a future interest in the form of a class gift.
(f)"Future interest under the terms of a trust" means a future interest that is created by a transfer creating a trust or to an existing trust or by an exercise of a power of appointment to an existing trust, directing the continuance of an existing trust, designating a beneficiary of an existing trust, or creating a trust.
(g)"Surviving beneficiary" or "surviving descendant" means a beneficiary or a descendant who does not predecease the distribution date and who is not considered to have predeceased the distribution date under section 2702.
History: 1998, Act 386 , Eff. Apr. 1, 2000
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