This document is a 53-page Declaration of Trust. It includes definitions of all relevant terms, as well as the constitution, capital accounts, valuations and prices, issue of units, register of unitholders, transmission, redemption of units, and every other necessary clause that constitutes a valid Declaration of Trust.
The Michigan Declaration of Trust is a legal document that establishes a trust and governs its operations in the state of Michigan. It is also commonly referred to as a Michigan Trust Agreement or Michigan Trust Declaration. This legal instrument outlines the rights, responsibilities, and obligations of the creator of the trust, who is known as the settler, and the appointed trustee(s). The Michigan Declaration of Trust is used by individuals and entities who want to set up a trust to manage and distribute assets, such as property, investments, or funds, to beneficiaries. By establishing a trust, the settler can ensure their assets are protected, managed, and distributed according to their wishes. There are several types of Michigan Declaration of Trust, each designed to address specific purposes and circumstances. Some common types include: 1. Revocable Living Trust: This trust is created during the settler's lifetime and allows them to maintain control and ownership of the assets placed into the trust. The settler can modify or revoke the trust at any time, and the assets are distributed to the beneficiaries upon the settler's death or incapacitation. 2. Irrevocable Trust: Unlike a revocable living trust, an irrevocable trust cannot be altered or revoked once established. The settler permanently transfers ownership of assets into this trust, effectively removing them from their estate. This type of trust provides potential tax benefits and asset protection, but the settler relinquishes control over the assets. 3. Testamentary Trust: This trust is created through a will and takes effect upon the settler's death. It allows the settler to provide detailed instructions on how their assets should be distributed and managed for specific beneficiaries. 4. Special Needs Trust: This trust is designed to provide financial support for individuals with disabilities while preserving their eligibility for government benefits. It enables the settler to provide for a loved one's long-term care and quality of life without jeopardizing their access to essential public assistance. 5. Charitable Trust: A charitable trust is established to benefit a charitable organization or a specific charitable purpose. It allows the settler to contribute assets for philanthropic endeavors, granting them potential tax advantages and the satisfaction of supporting a cause they care about. In conclusion, the Michigan Declaration of Trust is a crucial legal document that enables individuals to establish trusts to protect and manage their assets. Whether it's a revocable living trust, irrevocable trust, testamentary trust, special needs trust, or charitable trust, each type serves a unique purpose and provides a framework for the distribution of assets while meeting specific legal requirements in Michigan.
