HB 4034
Probate: trusts; uniform statutory rule against perpetuities; revise to reflect limitation of the personal property trust perpetuities act to certain property. Amends secs. 3 & 5 of 1988 PA 418 (MCL 554.73 & 554.75). TIE BAR WITH: HB 4033'25
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies Michigan’s law regarding the ‘rule against perpetuities,’ which limits how long property interests can be held by trusts. Specifically, it adjusts the application of this rule to personal property trusts, narrowing the timeframe for assessing whether a trust violates the rule. The changes aim to provide greater certainty and flexibility in these types of trusts, particularly concerning transfers to previously funded trusts. The bill’s enactment is contingent upon the passage of House Bill 4033.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Douglas Wozniak
Cosponsors
Joseph Aragona
Timothy Beson
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