Michigan Account of Fiduciary, Short is a type of trust account set up by a fiduciary (such as a bank, trust company, or lawyer) in Michigan. The purpose of the account is to hold assets for the benefit of a beneficiary, such as a minor child, who cannot manage the assets on their own. The trust assets are managed by the fiduciary according to the terms of a trust agreement, which is established by the granter (the person setting up the trust). The fiduciary is obligated to act in the beneficiary’s best interest and use the assets to provide for the beneficiary’s needs. Michigan Account of Fiduciary, Short is a type of trust account that is set up for a specific period of time and is intended to provide a short-term solution for the beneficiary. This type of trust account may be used to provide for the beneficiary’s basic needs, such as food, shelter, and clothing, until the beneficiary is able to manage the assets on their own. There are two types of Michigan Account of Fiduciary, Short: revocable and irrevocable. A revocable trust allows the granter to make changes to the trust agreement and to revoke the trust at any time. An irrevocable trust is a more permanent arrangement that cannot be changed or revoked.