Probate: trusts; duties and powers of trustee; modify. Amends secs. 7105 & 7110 of 1998 PA 386 (MCL 700.7105 & 700.7110).
Probate: other; general amendments to the estates and protected individuals code; provide for. Amends secs. 1103, 1106, 1210, 2519, 2806, 3605, 3916, 3917, 3918, 3959, 3981, 3982, 3983, 5102, 5301, 5303, 5304, 5305, 5306a, 5310, 5311, 5313, 5314, 5507, 7103, 7105, 7110, 7302, 7402, 7506, 7604 & 7820a of 1998 PA 386 (MCL 700.1103 et seq.); adds secs. 1215, 1216, 5301c, 7408, 7409 & 7409a & repeals secs. 2722 & 7104 of 1998 PA 386 (MCL 700.2722 & 700.7104).
Modifies provisions relating to trusts
Trust; creating the Uniform Trust Code; definitions; creditor claims; revocable trusts; trustees; duties and powers of trustee; trustee liability; severability; effective date.
An Act Concerning Adoption Of The Uniform Trust Code, The Connecticut Uniform Directed Trust Act And The Connecticut Qualified Dispositions In Trust Act.
Uniform Trust Code; expands definitions of "independent qualified trustee" and "qualified trustee."
Uniform Trust Code; expands definitions of "independent qualified trustee" and "qualified trustee."
In trusts, further providing for definitions - UTC 103, for trust instrument controls and mandatory rules - UTC 105, for governing law - UTC 107, for situs of trust, for nonjudicial settlement agreements - UTC 111, for charitable purposes; enforcement - UTC 405, for trust for care of animal - UTC 408, for noncharitable trust without ascertainable beneficiary - UTC 409, for reformation to correct mistakes - UTC 415, for modification to achieve settlor's tax objectives - UTC 416, for spendthrift provision - UTC 502, for creditor's claim against settlor - UTC 505(a), for overdue distribution - UTC 506, for revocation or amendment of revocable trust - UTC 602, for trustee's duties and powers of withdrawal - UTC 603, for accepting or declining trusteeship - UTC 701, for trustee's bond - UTC 702, for cotrustees - UTC 703, for vacancy in trusteeship and appointment of successor - UTC 704, for resignation of trustee and filing resignation, for compensation of trustee - UTC 708, for duty to administer trust - UTC 801, for duty of loyalty - UTC 802, for powers to direct - UTC 808, for duty to inform and report, for discretionary powers and for powers of trustees - UTC 815, providing for directed trusts, further providing for remedies for breach of trust--UTC 1001, providing for nonjudicial account settlement and further providing for reliance on trust instrument - UTC 1006, for exculpation of trustee - UTC 1008, for certification of trust - UTC 1013 and for title of purchaser.
Enacting the uniform trust decanting act, authorizing modification of a noncharitable irrevocable trust to provide that the rule against perpetuities is inapplicable, providing that the Kansas uniform statutory rule against perpetuities is inapplicable to trusts under certain circumstances and modifying the definition of resident trust in the Kansas income tax act.