Sec. 7412.
(1) The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust's administration.
(2) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the settlor's stated purpose or, if there is no stated purpose, the settlor's probable intention.
(3) If a trust is terminated under this section, the trustee shall distribute the trust property as ordered by the court.
(4) Notice of any proceeding to terminate or modify a trust shall be given in the manner described in section 7411(3).
History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC
Structure Michigan Compiled Laws
Chapter 700 - Estates and Protected Individuals Code
Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)
Article VII - Michigan Trust Code (700.7101...700.7913)
Section 700.7401 - Creating Trust; Methods.
Section 700.7402 - Creating Trust; Requirements.
Section 700.7403 - Trusts Created in Other Jurisdictions.
Section 700.7404 - Trust Purposes.
Section 700.7405 - Charitable Trusts; Purposes; Enforcement.
Section 700.7406 - Creation of Trust Induced by Fraud, Duress, or Undue Influence.
Section 700.7407 - Evidence of Oral Trust.
Section 700.7408, 700.7409 - Repealed. 2009, Act 46, Eff. Apr. 1, 2010.
Section 700.7410 - Modification or Termination of Trust; Procedures for Approval or Disapproval.
Section 700.7415 - Reformation to Correct Mistakes.
Section 700.7416 - Modification to Achieve Settlor's Tax Objectives; Retroactive Effect.