Michigan Laws 700.1505 – Duties at inception
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Terms Used In Michigan Laws 700.1505
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes , but is not limited to, a personal representative, funeral representative, guardian, conservator, trustee, plenary guardian, partial guardian, and successor fiduciary. See Michigan Laws 700.1104
- Governing instrument: includes , but is not limited to, a court order. See Michigan Laws 700.1501
- Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106
- Portfolio: means all property of every kind and character held by a fiduciary on behalf of a fiduciary estate. See Michigan Laws 700.1501
Within a reasonable time after accepting appointment as a fiduciary or receiving fiduciary assets, a fiduciary shall review the assets, and make and implement decisions concerning the retention and disposition of assets, in order to bring the fiduciary portfolio into compliance with the purposes, terms, distribution requirements expressed in the governing instrument, and other circumstances of the fiduciary estate, and with the requirements of the Michigan prudent investor rule.