Pc 571

For unsupervised and supervised probates, the process of probating the estate will generally take at least seven months to complete. Many factors can extend this time period.

Probate is required when an estate's assets are solely in the deceased's name. In most cases, if the deceased owned property that had no other names attached, an estate must go through probate in order to transfer the property into the name(s) of any beneficiaries.

In order to qualify for a simplified process, an estate must be valued at or below $24,000 for a decedent who died in 2020. This number goes up every few years. To learn more about the simplified processes, read the article An Overview of Small Estate Processes.

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.

Formal Probate Most Michigan probate cases can be wrapped up within seven months to a year after the personal representative is appointed. After notice of the probate is given, creditors have four months to file a claim.

No probate at all is necessary if the estate is worth less than $15,000 and doesn't contain any real estate. Instead, inheritors can use a simple affidavit (sworn statement) to claim assets held by a bank or other institution.

In Michigan, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

In the State of Michigan, probate is necessary when someone passes away while owning property or assets that are listed under their name alone. If the deceased individual has joint ownership over certain property, it's possible the assets may be transferred to the other owner with little to no court involvement.