Mich. Comp. Laws § 554.94
Applicability of act to certain personal property; scope of trust.
Michigan · Michigan Compiled Laws — PERSONAL PROPERTY TRUST PERPETUITIES ACT (Act 148 of 2008) · Status: effective
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- Citation
- Mich. Comp. Laws § 554.94, Applicability of act to certain personal property; scope of trust, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1369578
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Full text
(1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.
(2) For purposes of this section, both of the following apply:
(a) A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.
(b) A trust is a "special appointee trust" to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of the following apply to the assets:
(i) The assets have continuously been held in trust since September 25, 1985.
(ii) The assets have not become subject to a general power of appointment since September 25, 1985.