Michigan Laws 700.7403 – Trusts created in other jurisdictions
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 700.7403
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106
- Settlor: means a person, including a testator or a trustee, who creates a trust. See Michigan Laws 700.7103
- Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107
- Trust instrument: means a governing instrument that contains the terms of the trust, including any amendment to a term of the trust. See Michigan Laws 700.7103
A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed or the law of a jurisdiction to which, at the time of creation, any of the following applied:
(a) The settlor was domiciled, had a place of abode, or was a national in the jurisdiction.
(b) A trustee was domiciled or had a place of business in the jurisdiction.
(c) Any trust property was located in the jurisdiction.