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Committee hears technical and substantive explanations for Unitrust Act and perpetuities fixes
Summary
Sponsors and legal experts told the House Judiciary Committee that House Bills 4033 and 4034 would let trustees elect unitrust treatment and fix references to Michigan's perpetuities rules; committee adopted a substitute to HB 4034 by roll call.
Representative Sarah Wozniak introduced two related probate bills to the House Judiciary Committee on the committee's first business of the day, saying the measures were refined with stakeholder input and had broad prior support in the House.
Wozniak said House Bill 4033 would create a Unitrust Act to allow trustees to elect unitrust treatment, and House Bill 4034 would make technical corrections to Michigan's statutory rule against perpetuities. "This is not the first go round with these bills," Representative Sarah Wozniak said. "House Bill 4,033 was passed 109 to nothing, and 4,034 was passed 102 to nothing" last term.
Attorney James Spica, who advised the committee as a testifier with specialized trust practice experience, told the…
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