State Rep. Doug Wozniak on Wednesday spoke on the merits of his bill to create the Michigan Unitrust Act in a House Judiciary Committee hearing. The legislation would modernize state trust law by updating the investment and management processes.

The plan, House Bill 5110, gives estate planning attorneys additional flexibility to tailor a trust to a client’s needs. Wozniak noted that modern trust accounting requires greater flexibility.

“This legislation is really about opening up the entire trust investment system so that older Michigan trusts aren’t locked into outdated investment strategies and new trusts have the same management options as those created in 32 other states,” said Wozniak, R-Shelby Township. “The trust creation and management process can be very complex. This legislation will allow estate planning attorneys and trustees to have additional trust management tools to tailor and manage assets.”

Wozniak worked closely with the Probate and Estate Planning Section of the State Bar of Michigan to draft this highly technical and much needed legislation.

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