Michigan Laws 14.281 – Delivery of release; effect of specifying public charitable organization as beneficiary
Current as of: 2023 | Check for updates
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(1) Delivery of a release is accomplished as follows:
(a) If the release is accomplished by specifying public charitable organizations as beneficiaries of the trust, by delivery of a copy of the release to each designated public charitable organization.
Terms Used In Michigan Laws 14.281
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Public charitable organization: means an organization described in section 509(a)(1), (2) or (3) of the IRC and exempt from tax under section 501(a) of the IRC. See Michigan Laws 14.272
- Trust: means an express trust created by a trust instrument, including a will. See Michigan Laws 14.272
(b) If the release is accomplished by reducing the class of permissible public charitable organizations, by delivery of a copy of the release to the attorney general.
(2) If a release is accomplished by specifying a public charitable organization as beneficiary of the trust, the trust thereafter shall be operated exclusively for the benefit of and supervised by the specified public charitable organization until such time as the specified public charitable organization ceases to exist or ceases to be an exempt public charitable organization.