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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 7502.(1) A spendthrift provision is valid and enforceable.
(2) A term of a trust providing that the interest of a trust beneficiary is held subject to a “spendthrift trust,” or words of similar import, restrains both voluntary and involuntary transfer of the trust beneficiary's interest.
(3) Except as provided in sections 7504, 7506, and 7507, 1 the trust beneficiary's interest in a trust may not be transferred in violation of a valid spendthrift provision and trust property is not subject to enforcement of a judgment until distributed directly to the trust beneficiary.
(4) Notwithstanding the existence of a spendthrift provision in the terms of the trust, a trustee is not liable to the beneficiaries of the trust for making a distribution to which a trust beneficiary is otherwise entitled pursuant to the direction of the trust beneficiary.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 700. Estates and Protected Individuals Code § 700.7502 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-700-estates-and-protected-individuals-code/mi-comp-laws-700-7502/
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