Probate: trusts; process for settling an account; modify. Amends 1998 PA 386 (MCL 700.1101 - 700.8206) by adding sec. 7908a.

This bill modifies Michigan's probate laws to create a streamlined process for trustees to settle trust accounts without requiring immediate court approval. Under the new rules, a trustee must provide beneficiaries and other interested parties with a detailed report of the trust's assets, receipts, and expenses, along with a notice explaining that any objections must be submitted in writing within 45 days. If no objections are received during this period, the trustee may distribute the remaining assets, and the recipients are barred from later challenging the account or bringing claims against the trustee. However, if a party does object, they can either resolve the issue through a written agreement or take the matter to court, and the bill also allows a successor trustee to rely on this process to avoid liability for failing to object.