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What is a trustee in Michigan?

Put simply, a trustee is the person responsible for managing and distributing any of the assets held in a trust, while also handling several important duties that may arise during the course of trust administration including overseeing tax filings for the trust and communicating with beneficiaries of the trust.

Can a beneficiary interfere in the administration of trust property?

Liability not to harm others interests Beneficiary cannot harm another partys interests in any way in the trust, as he will be liable for any harm caused to another party within the trust that is due to him or his behaviour/etc.

What is a deed of trust in Michigan?

A deed of trust is an agreement between a home buyer and a lender at the closing of a property. It states that the home buyer will repay the loan and that the mortgage lender will hold the legal title to the property until the loan is fully paid.

What is meant by deed of trust?

A deed of trust is a type of secured real-estate transaction that some states use instead of mortgages. See State Property Statutes. A deed of trust involves three parties: a lender, a borrower, and a trustee. The lender gives the borrower money. In exchange, the borrower gives the lender one or more promissory notes.

What is the difference between a deed and a deed of trust?

Both a warranty deed and deed of trust are used to transfer the title of a property from one person to another. However, the difference between these two contracts is who is protected. As you now know, a deed of trust protects the beneficiary (lender). A warranty deed, on the other hand, protects the property owner.

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