MI HB4416

Updates cost-of-living adjustments for probate thresholds: Establishes a new 2023 cost-of-living adjustment factor (in addition to the existing 1997 factor) that applies to specific dollar amounts in probate procedures beginning January 1, 2024, with amounts rounded to the nearest $1,000.

Adds protections against attorney conflicts of interest: Creates new section 1216 voiding substantial gifts (over $5,000) in governing instruments to attorneys who drafted them or their relatives, unless the attorney is related to the person making the gift, with limited exceptions for fiduciary appointments.

Establishes standby guardians for incapacitated individuals: Adds section 5301c allowing courts to designate standby guardians who automatically assume guardianship duties if the primary guardian becomes unavailable due to death, incapacity, or removal.

Creates trusts for animal care and noncharitable purposes: Adds sections 7408 and 7409 permitting trusts for designated pet/animal care (terminable upon the animal's death) and noncharitable purpose trusts lasting up to 25 years without requiring definite beneficiaries.

Allows trust nondisclosure periods: Adds section 7409a permitting settlors to direct withholding of trust information from beneficiaries for up to 25 years if the trust instrument clearly expresses this intent, with limited exceptions for holders of nondisclosure rights or protection powers.