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Michigan Legislature
Michigan Compiled Laws Complete Through PA 38 of 2023
House: Adjourned until Tuesday, June 6, 2023 1:30:00 PM
Senate: Adjourned until Tuesday, June 6, 2023 10:00:00 AM

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Section 700.7402

Act 386 of 1998

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 or for the care of an animal, as provided in section 2722.
  (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
Popular Name: EPIC

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