Michigan Restricted Account Agreement Adults is a legal document that establishes a contractual relationship between an adult (the granter) and a financial institution (the custodian) for the purpose of managing funds on behalf of the granter. The custodian agrees to hold and manage the funds according to the terms of the agreement and the Michigan Uniform Prudent Management of Institutional Funds Act (UPLIFT). This agreement is used when an adult wishes to restrict access to their funds by requiring approval from a third party before any funds can be withdrawn or transferred. Types of Michigan Restricted Account Agreement Adults include: • Third Party Control: This type of agreement allows the granter to designate a third party to control the account and restrict the custodian from issuing disbursements or transfers to anyone without their approval. • Spendthrift Provision: This type of agreement allows the granter to place a set of restrictions on the account so that funds may only be used for certain purposes and in certain amounts. • Irrevocable Trust: This type of agreement allows the granter to restrict the use of the funds to certain purposes and to designate a trustee or successor trustee to manage the funds on their behalf.