Michigan § 700.7402 - Creating trust; requirements.
Full text of Michigan Michigan Compiled Laws § 700.7402 — Creating trust; requirements., with citation guidance and answers to common questions.
§ 700.7402. Creating trust; requirements.
(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:
(
(
(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.
Frequently Asked Questions About Michigan § 700.7402
What does Michigan Compiled Laws § 700.7402 cover?
Section 700.7402 ("Creating trust; requirements.") 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 § 700.7402?
A common citation format is "Michigan Compiled Laws § 700.7402" (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 § 700.7402 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.