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Michigan Compiled Laws, Chapter 554. Real and Personal Property § 554.94

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 4. (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.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 554. Real and Personal Property § 554.94 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-554-real-and-personal-property/mi-comp-laws-554-94/

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