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

HB 4033 allows fiduciaries (like executors or trustees) managing certain trusts to convert between income trusts (where payments aren't tied to asset value) and unitrusts (where payments are a fixed percentage of trust value). It also permits changing how unitrust payments are calculated. Fiduciaries must obtain approval from an independent person before making these changes to prevent conflicts of interest. This bill directly affects trust beneficiaries and fiduciaries managing trusts governed by Michigan's probate laws.