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Do Michigan Probate Laws Require That Small Estates Go Through Probate? Michigan Probate Laws allow for a simplified process for smaller estates that are less than $24,000 after funeral and burial costs have been paid.
Here are 5 ways to avoid probate in Michigan: Make sure your assets have named beneficiaries. Create a Trust (revocable trust or irrevocable trust). Create a Lady Bird Deed for your real estate. Add joint ownership to your assets. Gift assets away (speak to an accountant or lawyer first).
No probate at all is necessary if the estate is worth less than $15,000 and doesnt 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, wills are typically required to go through probate with some exceptions (later discussed in the article). Probate Litigation Also referred to as estate litigation, probate litigation deals with formal legal disputes that arise during the probate process.
The dollar limit can change each year. If a person dies in 2022 an estate must be valued at $25,000 or less to be small. If a person died in 2020 or 2021, an estate must be valued at $24,000 or less. If a person died in 2019 or 2018, an estate must be valued at $23,000 or less.
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In general, non-probate assets are those that have a beneficiary or payable-on-death designation. These can include life insurance policies, bank accounts or brokerage accounts with a transfer-on-death designation, some retirement assets like 401k accounts, or jointly-owned property.
Assets owned in the deceaseds 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.
Living Trusts 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 (its similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
(g) That, if the estate is not settled within 1 year after the personal representatives appointment, within 28 days after the anniversary of the appointment, the personal representative must file with the court and send to each interested person a notice that the estate remains under administration and must specify
There is not any legal timeframe for applying for probate, however much of the estate administration will not be possible until this is received, so it is generally one of the first things that is done. In the case of some small estates, probate may not be necessary. This will depend on the amount of assets held.

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