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Closing the Estate The estate must be open for at least five months. Required notice to creditors must be published at least four months before closing.
Here are a few common instances where assets do not require probate in the State of Michigan: Assets owned under ?joint tenancy.? Beneficiary designation assets (i.e. retirement accounts with a listed beneficiary) When the decedent has assets named within a trust.
If the estate is not settled within a year of the first personal representative's appointment, file a Notice of Continued Administration with the court stating why the estate must remain open.
Since Michigan is not a state that imposes an inheritance tax, the inheritance tax in 2023 is 0% (zero). As a result, you won't owe Michigan inheritance taxes.
There is no estate tax in Michigan. No matter the size of your estate, you won't owe money to the Wolverine State. You might owe taxes to the federal government through the federal estate tax, depending on the size of your estate.