Probate: trusts; powers of appointment; revise. Amends secs. 5a & 14 of 1967 PA 224 (MCL 556.115a & 556.124).

Summary

The bill lets a trustee who can freely distribute income or principal from an irrevocable trust appoint those assets to a second trust, as long as certain conditions are met. It protects the interests of existing beneficiaries and maintains any marital or charitable tax deductions. This change updates the state's probate statutes to reflect current common law.

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