ESTATE SETTLEMENT ACT S.B. 1059 (S-2): FLOOR ANALYSIS
Senate Bill 1059 (Substitute S-2 as reported by the Committee of the Whole) Sponsor: Senator William Van Regenmorter
Committee: Judiciary
The bill would create the “Estate Settlement Act” and repeal the Revised Probate Code (MCL 700.1-700.992). The Estate Settlement Act would, among other things, do the following:
-- Establish the “Michigan prudent investor rule” for fiduciaries.
-- Provide that specific dollar amounts applicable to beneficiaries would be subject to cost-of- living adjustments in future years.
-- Provide for three methods of probating an estate: informal probate, formal probate, and supervised administration.
-- Permit a personal representative to exclude contaminated real estate from the scope of his or her responsibility.
-- Specify procedures for dealing with property and debts of nonresident decedents.
-- Specify the duties, liabilities, and powers of trustees.
-- Repeal various laws that provide for a widow’s right to dower.
The Act would take effect on January 1, 1997.
Legislative Analyst: S. Margules
The bill would have no fiscal impact on State or local government.
Date Completed: 10-1-96 Fiscal Analyst: M. Ortiz
floor\sb1059
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.