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Michigan Compiled Laws, Chapter 700. Estates and Protected Individuals Code § 700.7402

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

Sec. 7402. (1) A trust is created only if all of the following apply:

(a) The settlor has capacity to create a trust.

(b) The settlor indicates an intention to create the trust.

(c) The trust has a definite beneficiary or is either of the following:

(i) A charitable trust.

(ii) A trust for a noncharitable purpose under section 7409  1 or a trust for the care of an animal under section 7408  2.

(d) The trustee has duties to perform.

(e) The same person is not the sole trustee and sole beneficiary.

(2) A trust beneficiary is definite if the trust beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

(3) A power in a trustee to select a trust beneficiary from an indefinite class is valid only in a charitable trust.

1 M.C.L.A. § 700.7409.
2 M.C.L.A. § 700.7408.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 700. Estates and Protected Individuals Code § 700.7402 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-700-estates-and-protected-individuals-code/mi-comp-laws-700-7402/

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