Bill > HB5110

This bill, known as the Unitrust Act, allows certain fiduciaries to convert income trusts to unitrusts, convert express unitrusts to income trusts, and change the percentage or method used to calculate unitrust amounts. The bill defines key terms, such as "unitrust" and "unitrust amount," and outlines the procedures and requirements for making these changes, including notice to qualified trust beneficiaries and the ability to object. The bill also provides guidance on the administration of unitrusts, including the unitrust rate, the applicable value, and the period used for calculations. The bill applies to trusts where Michigan is the principal place of administration, with some exceptions for certain tax-advantaged trusts.