Section 700.7701 - Acceptance or rejection of trusteeship.
ESTATES AND PROTECTED INDIVIDUALS CODE (EXCERPT)
Act 386 of 1998
700.7701 Acceptance or rejection of trusteeship.
Sec. 7701.
(1) Except as otherwise provided in subsection (3), a person designated as trustee accepts the trusteeship by doing either of the following:
(a) Substantially complying with a method of acceptance provided in the terms of the trust.
(b) If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(2) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
(3) A person designated as trustee, without accepting the trusteeship, may do all of the following:
(a) Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified trust beneficiary.
(b) Exercise all powers set forth under section 7818(1)(a).
(c) Inspect or investigate trust property to determine potential liability under other law or for any other purpose.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC