Michigan Laws 700.7412 – Modification or termination of trust; unanticipated circumstances or inability to administer effectively
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 700.7412
- Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
- Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106
- 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
(1) The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust’s administration.
(2) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the settlor’s stated purpose or, if there is no stated purpose, the settlor’s probable intention.
(3) If a trust is terminated under this section, the trustee shall distribute the trust property as ordered by the court.
(4) Notice of any proceeding to terminate or modify a trust shall be given in the manner described in section 7411(3).