MI HB6011

Allows trustees to settle accounts outside of court when a trust terminates, a trustee resigns or is removed, or for interim accounting periods in continuing trusts.

Requires trustees to provide qualified beneficiaries, co-trustees, and successor trustees with detailed account statements, a 2-year report of receipts and disbursements, fee information, and notice within a reasonable time.

Establishes a 45-day objection period for beneficiaries to challenge the trustee's accounting; failure to object within this period bars future claims against the trustee with the same effect as a court-approved final account.

Allows objecting parties to either submit the matter to court (with expenses charged to the trust) or resolve disputes through nonjudicial settlement agreements that may include releases or indemnity clauses.

Protects successor trustees from liability for not objecting to prior accountings and preserves trustees' right to pursue court settlement under existing law if desired.