Sworn Closing Statement For Michigan Estates

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.

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.

Whether an estate is small depends on the value of the property in it. The dollar limit can change each year. If a person dies in 2020, an estate must be valued at $24,000 or less to be small. If a person dies in 2019 or 2018, an estate must be valued at $23,000 or less.

1) Petition the court to be the estate representative. 2) Notify heirs and creditors. 3) Change legal ownership of assets. 4) Pay Funeral Expenses, Taxes, Debts and Transfer assets to heirs.

The estate must be open for at least five months. Required notice to creditors must be published at least four months before closing. The inventory fee must be paid. Any estate/inheritance taxes must be paid (proof of payment required)

Notify all creditors. File tax returns and pay final taxes. File the final accounting with the probate court. Distribute remaining assets to beneficiaries. File a closing statement with the court.

The difference between an unsupervised estate and a supervised estate is the involvement of the probate court.It needs to be filed with the court. It does not need to be in an unsupervised estate, but that inventory establishes the starting point for the supervised representative's accounts.

In most states, however, there is the option to use a small estate affidavit when the assets of the estate are under a certain dollar amount, which varies by state. An attorney is not required to file a small estate affidavit, although it may be helpful to consult with one prior to filing the small estate affidavit.