Trustees Not Easily Released from Liability

Trustees in Michigan can seek release for wrongdoing or just to prevent allegation of wrongdoing. See MCL 700.7909, which is part of the Michigan Trust Code; it says so. The problem is, without explicit instruction in a trust I don’t know for sure the circumstances under which a beneficiary’s release is valid. Here’s what I do know:

MCL 700.7821(3)(a) and (b) give two examples of when a release given to a trustee will not be valid. First, if its improperly induced by the trustee. Second, if the beneficiary didn’t know a material fact relating to a trustee’s breach of duty.

An Estate Plan Young Parents CAN Afford

Even if something happens to you, it’s still your job to provide for your children.

Obviously, you can’t be replaced–but your income can.

If you have young children, there’s a good chance you also have things like student loans, a mortgage, maybe a car payment, and even a credit card. On top of that, I know it’s hard to plan for your own demise. The good news is that about $20 per month can get a healthy 30-year-old female $500,000 in life insurance. (Men, at any age, have to pay a little more.)

Applying this life insurance to a trust you create in your will can make sure your children are taken care of,