Section 700.7708 - Compensation of trustee.
ESTATES AND PROTECTED INDIVIDUALS CODE (EXCERPT)
Act 386 of 1998
700.7708 Compensation of trustee.
Sec. 7708.
(1) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.
(2) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if either of the following apply:
(a) The duties of the trustee are substantially different from those contemplated when the trust was created.
(b) The compensation specified by the terms of the trust would be unreasonably low or high.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC