Michigan HB4033 establishes the "unitrust act" to govern the administration of unitrusts and income trusts in Michigan.

Michigan HB4033, known as the "unitrust act," sets forth procedures for the administration of unitrusts and income trusts in Michigan. The act applies to trusts where Michigan is the principal place of administration, except for certain trusts specified in the Internal Revenue Code. It outlines the application of the act to trusts, including the definition of terms such as "unitrust," "unitrust amount," and "unitrust policy." The act allows trustees to convert income trusts to unitrusts, change the method of calculating unitrust amounts, and convert unitrusts to income trusts under certain.

Michigan HB4033 establishes the "unitrust act" to govern the administration of unitrusts and income trusts in Michigan.

Michigan HB4033, known as the "unitrust act," sets forth procedures for the administration of unitrusts and income trusts in Michigan. The act applies to trusts where Michigan is the principal place of administration, except for certain trusts specified in the Internal Revenue Code. It outlines the application of the act to trusts, including the definition of terms such as "unitrust," "unitrust amount," and "unitrust policy." The act allows trustees to convert income trusts to unitrusts, change the method of calculating unitrust amounts, and convert unitrusts to income trusts under certain.