Michigan Estate Laws For Minors
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How to fill out Michigan Estate Planning Questionnaire And Worksheets?
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FAQ
The main advantage of using a UTMA account is that the money contributed to the account is exempted from paying a gift tax of up to a maximum of $16,000 per year for 2022 ($17,000 for 2023). 2 Any income earned on the contributed funds is taxed at the tax rate of the minor who is being gifted the funds.
If you do not have a surviving spouse, your children inherit your estate in equal portions. If there are no surviving children, your surviving grandchildren, siblings, or parents will be entitled to the estate, ing to specific provisions in the Michigan statute.
Minors, because they are not legally adults, are not allowed to handle their own legal or financial affairs, including receiving inheritances. Therefore, if a minor is a beneficiary, their inheritance must be placed in a trust or custodial account.
Most life insurance policies will not allow you to directly leave money to beneficiaries who are minors. If you name a minor as a beneficiary, they will have to settle the matter in probate court. In which an adult will be delegated to manage the money until the minor is old enough to be responsible for it themselves.
Age of Majority and Trust Termination StateUGMAUTMAMichigan1818Minnesota1821Mississippi2121Missouri212149 more rows