A trust company in Michigan is a financial and business institution. It came into being, in this state -as elsewhere, in response to the need for an efficient and business-like organization to administer estates and trusts of all kinds as a relief to the individual executor, administrator and trustee. The ever -increasing complications of business and finance placed a burden upon the individual- the relative, the friend, or the business associate-which he found he could not carry without considerable sacrifice either to his own interests or to those of the trust. Those who create trusts either by will, or private agreement, or otherwise, have come to feel that it is not just to place such heavy responsibilities upon their relatives and business associates, and likewise to realize that their trust duties could not be properly discharged without subjecting then. -' serious inconvenience and probable loss in the handling of their own personal affairs. The feeling has also become quite general that business and investment problems are nowadays of such a character as to require specially trained service to handle them properly, and that it is neitheY wise nor right to leave their solution to wives, daughters, sons or others, not equipped by experience or training to solve them.
Trust Company in Michigan,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol19/iss7/4