Michigan Laws 554.94 – Applicability of act to certain personal property; scope of trust
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Terms Used In Michigan Laws 554.94
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Personal property: All property that is not real property.
(1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.
(2) For purposes of this section, both of the following apply:
(a) A trust that is created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.
(b) A trust is a “special appointee trust” to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, and both of the following apply to the assets:
(i) The assets have continuously been held in trust since September 25, 1985.
(ii) The assets have not become subject to a general power of appointment since September 25, 1985.