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Michigan Trustee's Application for Approval of Sale of Personal...

Michigan Trustee's Application for Approval of Sale of Personal Property

Name: Michigan Trustee's Application for Approval of Sale of Personal Property
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.58 (242 reviews)

Category:

Michigan Court Samples - Trusts - Sale of Property - Personal - Sample Case 1

State:

Michigan

Control #:

MI-BM-076-01

Format:

Instant download

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Description

A01 Trustee's Application for Approval of Sale of Personal Property

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FAQ

A trustee may sell real property, subject to the authority granted to them in the trust document. They must act solely in their capacity as trustee, and in the interest of the beneficiaries.

A beneficiary has the right to seek court intervention to stop a Trustee from selling any asset. Of course, court intervention takes time and money, which the beneficiary must pay in order to stop the sale.Be forewarned, your powers to stop sales or recover assets that are sold can be severely limited.

Can trustees sell property without the beneficiary's approval? The trustee doesn't need final sign off from beneficiaries to sell trust property.

Many executors are able to wrap up an estate themselves, without hiring a probate lawyer.Many executors decide, sometime during the process of winding up an estate, that they could use some legal advice from a lawyer who's familiar with local probate procedure .

Michigan statutes provide no specific requirements an executor must meet, and you are free to name any adult that you trust as your executor. The court must appoint that person unless someone else challenges your choice of executor and there is clear evidence that he or she is incompetent or unsuitable to serve.

The executor can sell property without getting all of the beneficiaries to approve.Once the executor is named there is a person appointed, called a probate referee, who will appraise the estate assets.

The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.

Executors have also traditionally set fees as a percentage of the overall estate value. So for example, a $600K estate which required 850 hours of work might generate $22K in executor fees (see calculator below). The executor may pay himself or herself this compensation as earned, without prior court approval.

If you fail to receive a trust distribution, you may want to consider filing a petition to remove the trustee. A trust beneficiary has the right to file a petition with the court seeking to remove the trustee. A beneficiary can also ask the court to suspend the trustee pending removal.

Michigan Trustee's Application for Approval of Sale of Personal Property

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How to fill out Michigan Trustee's Application For Approval Of Sale Of Personal Property?

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FAQ

Can the trustee sell the property?

Can a beneficiary stop the sale of a property?

Can trustee sell property without all beneficiaries approving?

Do I need a lawyer to become executor of estate?

How do you become an executor of an estate in Michigan?

Can an executor sell a house without beneficiaries approving?

What does a Will trustee do?

How much does an executor get paid in Michigan?

What happens if a trustee refuses to give beneficiary money?

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