Michigan Compiled Laws
386-1998-VII-7 - Part 7 Office of Trustee (700.7701...700.7709)
Section 700.7708 - Compensation of Trustee.

Sec. 7708.
(1) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.
(2) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if either of the following apply:
(a) The duties of the trustee are substantially different from those contemplated when the trust was created.
(b) The compensation specified by the terms of the trust would be unreasonably low or high.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010 Popular Name: EPIC

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Structure Michigan Compiled Laws

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)

386-1998-VII-7 - Part 7 Office of Trustee (700.7701...700.7709)

Section 700.7701 - Acceptance or Rejection of Trusteeship.

Section 700.7702 - Trustee's Bond.

Section 700.7703 - Cotrustees; Powers and Duties; Relief of Liability.

Section 700.7703a - Rules of Construction; Nonfiduciary Powers Under a Trust; Power of Direction to Trust Director; Duties and Limitations of Trust Director and Trustee; Liability; Applicability of Rules to Trusteeship; Definitions.