Michigan Laws 700.7811 – Recordkeeping and identification of trust property
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 700.7811
- 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
- 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
(1) A trustee shall keep adequate records of the administration of the trust.
(2) A trustee shall keep trust property separate from the trustee’s own property.
(3) Except as otherwise provided in subsection (4), to the extent that property is held by someone other than the trustee, the trustee shall cause the trust’s interest in the trust’s property to appear in records maintained by the party holding the trust property.
(4) A trustee may do any of the following:
(a) Invest as a whole the property of 2 or more separate trusts, provided the trustee maintains records clearly indicating the respective interests.
(b) Hold trust property in nominee form.
(c) If the trust is revocable by the settlor, cause the trust’s interest in the trust’s property to appear in records in the manner directed by the settlor.
(d) Not reflect the trust’s interest in the trust’s property when the nature of the property is such that it is not possible or practicable to do so.