Mich. Comp. Laws § 700.1041
Short title.
This act shall be known and may be cited as the "qualified dispositions in trust act".
Michigan Compiled Laws — QUALIFIED DISPOSITIONS IN TRUST ACT (Act 330 of 2016)
Michigan · statute · 330 of 2016, Mich. Comp. Laws · 10 active provisions
Mich. Comp. Laws § 700.1042
Definitions.
As used in this act: (a) "Advisor" means a person who is given authority by the terms of a trust instrument to remove, appoint, or both, 1 or more trustees or to direct, consent to, approve, or veto a trustee's actual or proposed investment or distribution decisions. A person is considered an advisor even if the person…
Mich. Comp. Laws § 700.1043
Probate court; jurisdiction; venue.
(1) The probate court has exclusive jurisdiction over an action that addresses either of the following questions: (a) Whether a transfer is a qualified disposition. (b) The extent of the transferor's interest in, or the income from, a qualified disposition. (2) The probate court has concurrent jurisdiction over an acti…
Mich. Comp. Laws § 700.1044
Powers and rights of transferor.
(1) A transferor has only the powers and rights that are conferred by the trust instrument. Except as otherwise provided in subsection (2), a transferor does not have powers or rights with respect to the property that is the subject of a qualified disposition or the income from the property, and any agreement or unders…
Mich. Comp. Laws § 700.1045
Rights, actions, and claims of creditor.
(1) Notwithstanding any other provision of this act, with respect to any qualified disposition, a creditor has only the rights provided in this section and section 7. (2) For an action brought by a creditor for an attachment or other provisional remedy against property that is the subject of a qualified disposition or…
Mich. Comp. Laws § 700.1046
Qualified affidavit; requirements.
(1) Except as provided in subsection (6), for purposes of this section, a "qualified affidavit" means an affidavit in which the transferor states that at the time of the transfer of the property to the trust all of the following apply: (a) The transferor has full right, title, and authority to transfer the property to…
Mich. Comp. Laws § 700.1047
Avoidance of qualified disposition.
(1) A qualified disposition may be avoided only to the extent necessary to satisfy or provide for the present value, taking into consideration any uncertainty of the transferor's debt to the creditor at whose instance the disposition had been avoided. (2) If all or any portion of a qualified disposition is avoided as p…
Mich. Comp. Laws § 700.1048
Qualified trustee; successor.
(1) If a person serving as qualified trustee ceases to meet the requirements of a qualified trustee and there remains no trustee that meets the requirements of a qualified trustee, the person serving as qualified trustee is considered to have resigned as of the time of the cessation, and the successor qualified trustee…
Mich. Comp. Laws § 700.1049
Power or capacity of trust beneficiary to transfer income; attachment; assignment; claim or action against trustee; disclaiming interest in trust.
(1) A trust beneficiary does not have the power or capacity to transfer any of the income from a trust or portion of a trust that is a qualified disposition by his or her order, voluntary or involuntary, or by an order or direction of a court. (2) Except as otherwise provided in this act, the interest of a beneficiary…
Mich. Comp. Laws § 700.1050
Applicability of act; conflict with other provisions of law.
(1) Subject to section 5(5), this act applies to qualified dispositions made on or after the effective date of this act. (2) If any provision of this act conflicts with any provision of chapter 63 of 1846 RS 63, MCL 555.1 to 555.28, or the estates and protected individuals code, 1998 PA 386, MCL 700.1101 to 700.8206, t…