Terms Used In Michigan Laws > Chapter 556 > Act 224 of 1967 - Powers of Appointment Act of 1967

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appointee: means a person to whom a beneficial interest in property is designated or transferred by exercise of a power or, if a power is exercised in favor of a trustee, a person for whose benefit property has been designated or transferred in trust. See Michigan Laws 556.112
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Creating instrument: means a deed, will, trust agreement, or other writing or document that creates or reserves a power. See Michigan Laws 556.112
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Donee: The recipient of a gift.
• Donee: means a person to whom a power is granted or reserved. See Michigan Laws 556.112
• Donor: The person who makes a gift.
• Donor: means a person who creates or reserves a power. See Michigan Laws 556.112
• EPIC: means the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 556.112
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• General power: means a power, the permissible appointees of which include the donee, his or her estate, his or her creditors, or the creditors of his or her estate. See Michigan Laws 556.112
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gift in default: means a transfer to a person designated in the creating instrument as the transferee of property if a power is not exercised or is released. See Michigan Laws 556.112
• Grantor: The person who establishes a trust and places property into it.
• grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 8.3e
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Intestate: Dying without leaving a will.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Irrevocable trust: means a trust over which no person holds a power of revocation. See Michigan Laws 556.112
• 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.
• MTC: means article VII of EPIC, MCL 700. See Michigan Laws 556.112
• Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Personal property: All property that is not real property.
• Power: means a power of appointment over property. See Michigan Laws 556.112
• Power of appointment: means a power created or reserved by a person having property subject to his or her disposition that enables the donee of the power to designate, within any limits that may be prescribed, the transferees of the property or the shares or the interests in which it shall be received. See Michigan Laws 556.112
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probate: Proving a will
• Property: means any legal or equitable interest in real or personal property, including choses in action. See Michigan Laws 556.112
• Release: means renunciation, relinquishment, surrender, refusal to accept, and any other form of release. See Michigan Laws 556.112
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Special power: means a power, the permissible appointees of which do not include the donee, his or her estate, his or her creditors, or the creditors of his or her estate. See Michigan Laws 556.112
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• Statute: A law passed by a legislature.
• Trust: means that term as defined in section 2901 of EPIC, MCL 700. See Michigan Laws 556.112
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means a fiduciary or set of co-fiduciaries as described in section 2901(2)(j) of EPIC, MCL 700. See Michigan Laws 556.112