Michigan Laws 700.8201 – Construction of article VII
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Terms Used In Michigan Laws 700.8201
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107
- terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107
- 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) Article VII shall be construed and applied to promote its underlying purposes and policies.
(2) The following are the underlying purposes and policies of article VII:
(a) To make more comprehensive and to clarify the law governing trusts in this state.
(b) To permit the continued expansion and development of trust practices through custom, usage, and agreement of the parties.
(c) To foster certainty in the law so that settlors of trusts will have confidence that their instructions will be carried out as expressed in the terms of the trust.