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2009 PA 46
Estates and Protected Individuals Code (EPIC) - enacts Article 7, the "Michigan Trust Code," to, among other things, provide that the capacity required to create, amend, or revoke a revocable trust, or to direct the actions of its trustee, are the same as that required to make a will; allows a settlor to revoke or amend a trust unless the terms of the trust provide that it is irrevocable; provides that certain rules of construction that apply to the interpretation and disposition of property by will also apply to trust property; provides for representation of beneficiaries by fiduciaries and others in such matters as the receipt of notice and consent; specifies requirements for the creation of a trust; provides that a trust may be created only to the extent its purposes were lawful, not contrary to public policy, and possible to achieve; allows the settlor, a named beneficiary, or the Attorney General, among others, to maintain a proceeding to enforce a charitable trust; prov ides that a trust is void to the extent its creation was induced by fraud, duress, or undue influence; provides for the modification and termination of trusts and allows the termination of uneconomic trusts; indicates how a trustee accepts a trusteeship; provides for co-trustees, the appointment of a successor trustee if a vacancy in a trusteeship occurs, and circumstances in which a trustee may resign; and requires a trustee to administer the trust solely in the interests of the trust beneficiaries (SB 387; eff. 4/1/10) *** For the full text of the public act, see
http://www.legislature.mi.gov/documents/2009-2010/publicact/pdf/2009-PA-0046.pdf
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