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Michigan Application for Appointment of Successor Personal Representative (Estate Not Closed)
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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.
Determine Your Priority for Appointment. Receive Written Waivers From Other Candidates. Contact Court in the County Where Deceased Resided. File the Petition for Administration. Attend the Probate Hearing. Secure a Probate Bond.
No. An executor of a will cannot take everything unless they are the will's sole beneficiary. An executor is a fiduciary to the estate beneficiaries, not necessarily a beneficiary. Serving as an executor only entitles someone to receive an executor fee.
An executor acts until the estate administration is completed or if they resign, die or are removed for cause.
Q: How Long Does an Executor Have to Distribute Assets From a Will? A: Dear Waiting: In most states, a will must be executed within three years of a person's death.
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.
In Michigan you can use an Affidavit if the estate does not include real property and the value of the entire estate, less liens and encumbrances, is less than $15,000. There is a 28-day waiting period.
You can administer an estate even if the deceased died without a will or failed to specify an executor. If your relationship to the deceased doesn't make you the probate court's default choice for administrator, you'll need to get permission from the relatives ahead of you in the priority order.
If the estate is still open, you can reopen the estate's bank account and make the deposit.If the estate is closed and the bank account is also closed, speak with a representative of the bank to determine whether the account can be reopened without an order of the court. Review the final order for distribution.