Michigan Laws 556.116 – Interests appointable by general powers; part of donee’s estate
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(1) If the will of a donee of a general power exercisable by will either effectively exercises the power or manifests an intent to exercise the power and satisfies the requirements of section 4 and 5, all interests which the donee could by will appoint and which the donee’s will appoints or purports to appoint shall be regarded as part of the donee’s estate for the following purposes only:
(a) The payment of the expenses of administration of the donee’s estate, to the extent that the donee’s individual assets are insufficient for that purpose.
Terms Used In Michigan Laws 556.116
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Creating instrument: means a deed, will, trust agreement, or other writing or document that creates or reserves a power. See Michigan Laws 556.112
- Donee: The recipient of a gift.
- Donee: means a person to whom a power is granted or reserved. See Michigan Laws 556.112
- Intestate: Dying without leaving a will.
- Power: means a power of appointment over property. See Michigan Laws 556.112
- Property: means any legal or equitable interest in real or personal property, including choses in action. See Michigan Laws 556.112
(b) The satisfaction of the claims of the donee’s creditors, to the extent provided in section 13.
(c) Inclusion of such interests in determining the right of election of the donee’s widow and the satisfaction of such right.
(d) The distribution of any of such interests as the intestate property of the donee, to the extent that the donee’s will does not effectively dispose of such interests and the creating instrument does not otherwise provide.
(2) This section does not affect the period during which the vesting of a future interest may be suspended or postponed by an instrument exercising a power as provided in section 14.