Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

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

700.7402 Creating trust; requirements.

175 words·~1 min read·/mi/chapter-700/700-7402

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

700.7402 Creating trust; requirements.
Sec. 7402.
(1)A trust is created only if all of the following apply:
(a)The settlor has capacity to create a trust.
(b)The settlor indicates an intention to create the trust.
(c)The trust has a definite beneficiary or is either of the following:
(i)A charitable trust.
(ii)A trust for a noncharitable purpose under section 7409 or a trust for the care of an animal under section 7408.
(d)The trustee has duties to perform.
(e)The same person is not the sole trustee and sole beneficiary.
(2)A trust beneficiary is definite if the trust beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(3)A power in a trustee to select a trust beneficiary from an indefinite class is valid only in a charitable trust.
History: 1998, Act 386 , Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46 , Eff. Apr. 1, 2010 ;-- Am. 2024, Act 1 , Imd. Eff. Feb. 21, 2024
Popular Name: EPIC
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.