On April 1, 2010, the Michigan Trust Code becomes effective. This new Code modernizes existing Michigan trust law on many fronts. This new Code applies to all trusts. Some rules are mandatory, others can be overridden through contrary language in the trust document. Law firms and clients alike are eager to make changes to existing and future trust documents to adapt to the new rules and terminology.
Suffice it to say that if you have an existing trust and have not paid a visit to your attorney, you are wise to do so immediately. If you are presently serving as Trustee or have any powers over an existing trust, you also should consult with an estate planning attorney to understand how your capacity, duties and powers may have changed.
Monday, March 8, 2010
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