Michigan § 700.7401 - Creating trust; methods.
Full text of Michigan Michigan Compiled Laws § 700.7401 — Creating trust; methods., with citation guidance and answers to common questions.
§ 700.7401. Creating trust; methods.
(1) A trust may be created by any of the following:
(a) Transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death.
(b) Declaration by the owner of property that the owner holds identifiable property as trustee.
(c) Exercise of a power of appointment in favor of a trustee.
(d) Exercise of a power described in section 7820a.
(e) A promise by 1 person to another person, whose rights under the promise are to be held in trust for a third person.
(2) The instrument establishing the terms of a trust is not rendered invalid because property or an interest in property is not transferred to the trustee or made subject to the terms of the trust concurrently with the signing of the instrument. Until property or an interest in property is transferred to the trustee or made subject to the terms of the trust, the person nominated as trustee has no fiduciary or other obligations under the instrument establishing the terms of the trust except as may have been specifically agreed by the settlor and the nominated trustee.
Frequently Asked Questions About Michigan § 700.7401
What does Michigan Compiled Laws § 700.7401 cover?
Section 700.7401 ("Creating trust; methods.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 700.7401?
A common citation format is "Michigan Compiled Laws § 700.7401" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 700.7401 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.