Pc 577

State:
Michigan
Control #:
MI-PC-577
Format:
Word; 
PDF
Instant download
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Description

The Pc 577 form, known as the Inventory, is a crucial document used in the probate process to provide a complete and accurate account of the deceased individual's assets. It details personal and real property, as well as their fair market values at the time of death or qualification date for fiduciaries. The form requires specific entries for properties that secure loans, along with the nature and amount of any liens. Filling out the form involves listing properties in designated sections and may require appraiser information for valuation. This form is vital for attorneys, partners, owners, associates, paralegals, and legal assistants involved in estate management to ensure compliance with legal obligations. Users must be diligent in providing detailed descriptions of both personal property, like bank accounts and vehicles, and real property, including legal descriptions and ownership details. The instructions provided with the form serve as a guide, making it accessible even for those with limited legal experience. Overall, the Pc 577 form plays a significant role in estate transparency and legal processing.

How to fill out Michigan Inventory?

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FAQ

INSTRUCTIONS TO COMPLETE THE INVENTORY: 1. List all real and personal property in the column "Personal Property and Real Property Description." 2. When listing real property, provide the legal description of the property and the name of any other owner.

There is a $5 inventory fee for an estate with a value of zero (0). Fees can be paid via ePayment by Case Access, or by mailing a check/money order payable to the Wayne County Probate Court. Out of state checks are not accepted.

No. There is no fee for filing Conservatorship inventories.

In an estate of value of less than $1,000.00, $5.00 plus 1% of the amount over $500.00. In an estate of value of $1,000.00 or more, but less than $3,000.00, $25.00.

The personal representative must: Prepare an Inventory. Pay the Inventory fee. Give notice to known creditors and publish a notice to unknown creditors. Pay the taxes and file the final tax return for the decedent. Pay the bills of the estate and claims against the estate. Distribute the remaining assets as appropriate, and.

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Pc 577