700.7402 Creating trust; requirements.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 or a trust for the care of an animal under section 7408. (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. History: 1998, Act 386, Eff. Apr. 1, 2000 ;-- Am. 2009, Act 46, Eff. Apr. 1, 2010 ;-- Am. 2024, Act 1, Imd. Eff. Feb. 21, 2024 Popular Name: EPIC
Michigan Legal Code