HB 4033
Probate: trusts; procedures relating to the administration of unitrusts and income trusts; provide for. Creates new act.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, titled the "Unitrust Act," creates a new framework for administering unitrusts and income trusts in Michigan. It allows fiduciaries to convert certain trusts – specifically express unitrusts – into income trusts and to adjust the calculation of unitrust amounts. The act establishes definitions for key terms related to trust administration and outlines procedures for notifying beneficiaries of proposed changes, including requirements for a unitrust policy and consent from beneficiaries.
Sponsors
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Primary sponsor
Douglas Wozniak
Cosponsors
Joseph Aragona
Timothy Beson
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