700.7821 Distribution upon termination.
285 words·~1 min read·
/mi/chapter-700/700-7821A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
700.7821 Distribution upon termination.
Sec. 7821.
(1)Upon termination or partial termination of a trust, the trustee may send to the trust beneficiaries a proposal for distribution. The right of any trust beneficiary to object to the proposed distribution terminates if the trust beneficiary does not notify the trustee of an objection within 28 days after the proposal was sent, but only if the proposal informed the trust beneficiary of the right to object and of the time allowed for objection.
(2)Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, taxes, and expenses, including attorney fees and other expenses incidental to the allowance of the trustee's accounts.
(3)A release by a trust beneficiary of a trustee from liability for breach of trust is invalid to the extent either of the following applies:
(a)The release was induced by improper conduct of the trustee.
(b)The trust beneficiary, at the time of the release, did not know of the material facts relating to the breach.
History: Add. 2009, Act 46 , Eff. Apr. 1, 2010 ;-- Am. 2010, Act 325 , Eff. Apr. 1, 2010
Compiler's Notes: Enacting section 1 of Act 325 of 2010 provides:"Enacting section 1.
(1)Except as provided in subsection (2), this amendatory act takes effect April 1, 2010."(2) Section 3207 of the estates and protected individuals code, 1998 PA 386, MCL 700.3207, as amended by this amendatory act, takes effect on the date this amendatory act is enacted into law."
Popular Name: EPIC