Michigan Laws 700.2905 – Delivery; disclaimer under power of appointment; disclaimer of joint property or fiduciary power
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(1) A disclaimed interest that is subject to, or arises under, an exercise, release, or lapse of a power of appointment, must comply with the following:
(a) A disclaimer by an appointee must be delivered to the donee, to the personal representative of the donee’s estate, or to the fiduciary under the instrument that created the power of appointment. The disclaimer by the appointee must be delivered after the exercise of the power of appointment by the donee and before any event described in section 2910.
Terms Used In Michigan Laws 700.2905
- Agent: means an agent or attorney in fact acting under a written power of attorney and within the scope of his, her, or its authority. See Michigan Laws 700.2901
- Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103
- Donee: The recipient of a gift.
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes , but is not limited to, an agent, a conservator, a guardian if no conservator has been appointed, a guardian ad litem, a personal representative, a trustee, a probate court acting through a protective order under this act, and a temporary, successor, or foreign fiduciary. See Michigan Laws 700.2901
- Fiduciary power: means a management power relating to the administration or management of assets similar to those powers granted to a personal representative in section 3715 and a trustee in section 7816 and 7817, and granted by law to a fiduciary or conferred upon a fiduciary in a governing instrument. See Michigan Laws 700.2901
- Joint property: means property that is owned by 2 or more persons with rights of survivorship, and includes a tenancy by the entireties in real property, a tenancy in personal property as provided in section 1 of 1927 PA 212, MCL 557. See Michigan Laws 700.2901
- Person: includes an entity and an individual, but does not include a fiduciary, an estate, or a trust. See Michigan Laws 700.2901
- Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106
- Property: means anything that may be the subject of ownership. See Michigan Laws 700.2901
- Trust: means a fiduciary relationship with respect to property that subjects the person who holds title to the property to equitable duties to deal with the property for the benefit of another person, which fiduciary relationship arises as a result of a manifestation of an intention to create it. See Michigan Laws 700.2901
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107
(b) A disclaimer by a taker in default must be delivered to the donee, to the fiduciary under the instrument that created the power of appointment, or to 1 of the persons entitled to the property in the event of a disclaimer. The disclaimer by a taker in default may be delivered before or after the lapse or release of the power of appointment, and must be delivered before any event described in section 2910.
(2) If the disclaimed interest arises out of joint property, the disclaimer must be delivered after creation of the joint ownership and before any event described in section 2910, to the person who created the joint property, to a remaining owner who has not disclaimed, or to the person or fiduciary entitled to the disclaimed interest in the event of a disclaimer. The barring of the right to disclaim a present interest under section 2910 does not bar the right to disclaim the future interest.
(3) A fiduciary power may be disclaimed at any time, before or after exercise of the power. The disclaimer must be delivered to the person who established the instrument that gave rise to the power or to 1 of the following:
(a) If the fiduciary is a personal representative, to all the devisees under the will who are then living and whose whereabouts are known or reasonably ascertainable.
(b) If the fiduciary is a trustee, to another incumbent trustee who has not disclaimed the power or to all the beneficiaries of the trust who are then living and whose whereabouts are known or reasonably ascertainable.
(c) If the fiduciary is a guardian or conservator, to the interested persons.
(d) If the fiduciary is an agent, to the principal or, if the principal is legally incapacitated, to the principal’s presumptive heirs at law.