Michigan Trustee Form
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People also ask
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What are the powers of a trustee in Michigan?
(a) To take possession, custody, or control of property transferred to the trust and accept or reject additions to the trust. (b) To retain property that the trustee receives, including property in which the trustee is personally interested, in ance with the Michigan prudent investor rule.
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What is a trustee vs executor?
The role of a trustee is different than the role of an estate executor. An executor manages a deceased person's estate to distribute his or her assets ing to the will. A trustee, on the other hand, is responsible for administering a trust.
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Who can serve as trustee in Michigan?
Michigan law states that a trustee must be 18 years of age or older, and be of sound mind. This sounds simple enough; however, choosing a trustee is a bit more complicated. A trustee must possess specific skills that ensure your estate will be distributed properly.
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Can anyone be appointed as a trustee?
Although competent adults can serve as trustee, most states restrict what entities can serve as trustee. Typically, only specified financial institutions or other entities recog- nized under state law can act as a fiduciary.
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How much can a trustee pay themselves in Michigan?
This standard is subjective and considers factors such as the complexity of the trust, the level of responsibility, the expertise required, and the time commitment involved. Professional trustees typically charge a flat fee or a percentage of the trust assets, usually ranging from 0.5% to 2% annually.
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Who should serve as trustee?
Banks, trust companies, and individual professionals (e.g., attorneys and accountants) frequently serve as trustees and are chosen because of their expertise with respect to trust administration and knowledge about the rules governing trusts and trustees.
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How long does a trustee have to notify beneficiaries in Michigan?
(b) Subject to subsection (6), within 63 days after accepting a trusteeship, notify the qualified trust beneficiaries of the acceptance, of the court in which the trust is registered, if it is registered, and of the trustee's name, address, and telephone number.
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Do trustees get paid in Michigan?
In Michigan, as in other states, trustees are entitled to receive reasonable compensation for their services. Trustee fees are not explicitly set by law but are determined by the terms of the trust, state statutes, and court decisions.
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