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Living Trust Disbursment

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dndob

Guest
What is the name of your state? Michigan
How long does a trustee of a living trust have to fully disburse all funds from a living trust.
 


VeronicaGia

Senior Member
Maybe this will help:

http://www.michiganlegislature.org/mileg.asp?page=getObject&objName=mcl-700-3951&highlight=

ESTATES AND PROTECTED INDIVIDUALS CODE (EXCERPT)


Act 386 of 1998

700.3951 Notice of continued administration.
Sec. 3951.

(1) If the personal representative does not complete estate administration within 1 year after the original appointment by petitioning for a settlement order under section 3952 or 3953 or by filing a sworn statement under section 3954, the personal representative shall file with the court and send to all interested persons a notice that the estate remains under administration and specifying the reason for continuation of administration. This notice of continued administration must be filed not later than 28 days after the anniversary of the personal representative's appointment and, if administration remains incomplete, not later than 28 days after each subsequent anniversary of the appointment.

(2) If the notice described in subsection (1) is not filed, an interested person may petition the court for a hearing on the necessity for continued administration or petition for a settlement order under either section 3952 or 3953. In response to such a petition, the court may issue appropriate orders to assure prompt estate settlement.

(3) If the notice described in subsection (1) is not filed and an interested person's petition is not pending, the court may notify the personal representative and all interested persons that the court will close the estate administration and terminate the personal representative's authority within 63 days unless within that time period any of the following occur:

(a) The personal representative files a notice under subsection (1), a petition for settlement under either section 3952 or 3953, or a sworn statement under section 3954.

(b) An interested person files a petition requesting a hearing on the necessity for continued administration or a petition for an order of settlement under either section 3952 or 3953.



History: 1998, Act 386, Eff. Apr. 1, 2000 .


© 2003 Legislative Council, State of Michigan





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dndob

Guest
Thank You for the information. It answered some of my wifes questions and pointed us in a direction to answer others. Thank You so much. :D
 

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