Probate: trusts; procedures relating to the administration of unitrusts and income trusts; provide for. Creates new act.

This bill establishes the "Unitrust Act" to give trustees in Michigan the legal authority to convert existing income trusts into unitrusts and vice versa. It also allows trustees to adjust the percentage or calculation method used to determine how much money a unitrust distributes. These changes apply to trusts administered in Michigan unless the trust's original terms explicitly forbid such conversions or limit how the distribution amounts are calculated. The legislation clarifies that these administrative changes do not alter the underlying rights of beneficiaries or create new duties for trustees beyond what is already required.