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).

This bill amends Michigan's Uniform Statutory Rule Against Perpetuities to clarify how long certain property interests within trusts can remain unvested. It specifically adjusts the rules for trusts created before the current law, determining when these interests are considered to have started for legal timing purposes. The legislation also explicitly excludes various non-donative transfers, such as divorce settlements and premarital agreements, from these new timing calculations. Additionally, it modifies the time limit for specific powers under the Personal Property Trust Perpetuities Act, extending the review period from 90 years to 360 years for certain second-tier powers. These changes directly affect estate planners, trustees, and beneficiaries by altering how long property can be held in trust without being distributed to heirs.