Michigan Laws 205.208 – Bequest to executors or trustees subject to tax
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Terms Used In Michigan Laws 205.208
- Bequeath: To gift property by will.
- Devise: To gift property by will.
- Executor: A male person named in a will to carry out the decedent
- property: means the property or interest in property of the testator, intestate, grantor, bargainor, or vendor, passing or transferred to those not specifically exempted from this act, and not as the property or interest in property passing or transferred to the individual legatees, devisees, heirs, next of kin, grantees, donees, or vendees, and includes all property or interest in property whether situated within or without this state and including all property represented or evidenced by note, certificate, stock, land, contract, mortgage or other kind or character of evidence thereof, and regardless of whether that evidence of property is owned, kept or possessed within or without this state. See Michigan Laws 205.221
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
If a testator bequeath or devise his property to 1 or more executors or trustees in lieu of their commissions or allowances, to an amount exceeding the commissions or allowances prescribed by law for an executor or trustee, the excess in value of the property so bequeathed or devised above the amount of commissions or allowances prescribed by law shall be taxable under this act.