Michigan Executor Laws
Description
How to fill out Michigan Estate Planning Questionnaire And Worksheets?
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FAQ
The executor may have to settle debts with the deceased's creditors. Only after creditors receive what the testator owed can the beneficiaries receive their due. Also, the executor may need to file the deceased personal income taxes. The deceased might owe federal estate taxes if not below the exemption amount.
Basic Requirements for Serving as a Michigan Executor Michigan statutes provide no specific requirements an executor must meet, and you are free to name any adult that you trust as your executor.
Before the executor can finalize probate and close the estate, they must provide a final accounting that includes: An itemized list of the estate's assets. Any funds or property received by the estate during its administration.
This will help justify their requested compensation, especially if disputes arise among the heirs or beneficiaries. Even without a statutory guideline on executor fees in Michigan, the common understanding among legal professionals suggests that an executor can expect to receive about 2-5% of the estate's value.