Pc 577

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 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.

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.

Real Estate, Bank Accounts, and Vehicles. Stocks and Bonds. Life Insurance and Retirement Plans. Wages and Business Interests. Intellectual Property. Debts and Judgments.

Simply having a will is insufficient; a will merely explain how you want your assets distributed. If you only have a will, it still has to go through probate in order for your assets to actually be distributed.

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).

Determine Your State's Laws Regarding Inventory Forms. Review the Instructions Provided. Identify Real Property. Identify Personal Property. Identify Bank Accounts. Identify Retirement Accounts. Identify Non-Probate Assets. File the Form With the Court.

Assets owned in the deceased's name only (such as real estate, bank accounts, stocks and bonds) and personal property exceeding $15,000 generally have to go to probate court. Michigan law also allows for a streamlined probate process in the case of smaller estates under a certain value.