Estate Administration
When someone you love dies, you may have been appointed the personal representative of their estate. Being a personal representative is a huge task, and you may feel you’re not up to it. Still, you’re willing to honor the decedent’s wishes.
If this has happened to you, don’t try to handle the estate administration process on your own. Get skilled legal counsel from the probate lawyers of Head Murphy Law. At our law firm in Farmington Hills, Michigan, our attorneys regularly help people with probate matters. We can guide you through the complicated probate process and give you the peace of mind that comes with knowing you’ve fulfilled your personal representative duties thoroughly and well. Working with an experienced probate lawyer can help you manage the legal process and avoid costly mistakes. Call today for a consultation to learn how we can help.
Estate administration is the legal process of distributing the personal property and assets of a deceased person (the decedent). Part of the administration process is the appointment of a personal representative. The decedent’s will can name a personal representative, or, if there is no will or the will does not appoint one, the probate court can appoint one. The probate court oversees the estate administration process.
Estate administration can become more complicated when disputes arise, assets are difficult to locate, or creditors make claims against the estate. In these situations, legal guidance can help personal representatives avoid liability and keep the process moving forward.
Not every estate must go through the probate court. Some assets pass directly to the decedent’s survivor(s), as is the case with property held jointly with a right of survivorship, assets held in trust, or assets with named beneficiaries, such as life insurance policies and retirement accounts. Michigan probate court procedures provide specific procedures for small estates and probate administration through the probate court system.
Sometimes, modest estates can bypass the probate process. The methods to bypass probate involve filing either a Small Estate Affidavit or a Petition for Assignment.
The Small Estate Affidavit allows the decedent’s heirs to obtain the assets of the decedent without going through the full probate process. The decedent’s estate may be eligible if:
Once the court approves the Affidavit, the assets can be distributed. The small estate process depends on agreement among the heirs. If there are disputes about who gets what property, a full probate process may be required. Disagreements over estate distributions may require probate litigation to resolve conflicts between heirs & beneficiaries.
A Petition for Assignment must be filed in the probate court of the county where the decedent lived. The petition works for estates under $22,000 (excluding funeral expenses). The petitioner must submit the Petition and Order for Assignment as well as the Testimony to Identify Heirs. The court will review the petition and, if all is in order, issue an Order for Assignment that will allow the distribution of the assets as outlined in the petition.
To determine whether either of these options may be available to you when you’re dealing with a loved one’s estate, you need a lawyer from a reputable estate planning law firm like Head Murphy Law. When you talk with one of our attorneys, we can review your situation and advise you on the path that is right for you.
If you’ve been appointed the personal representative of someone’s estate, you’ve been entrusted with serious legal and financial responsibilities. The personal representative’s duties begin at the time of the appointment. They must carry out the decedent’s instructions as set forth in the will. They may act on behalf of the estate.
If you’ve been named the personal representative of someone’s estate, you will benefit from the guidance of a Farmington Hills, Michigan, lawyer who is experienced in handling probate estates.
Michigan has both a formal and an informal probate process.
The formal probate process has more structured court proceedings and is overseen by a probate judge. Formal probate is appropriate when there are disagreements about the will or the appointment of a personal representative. If the estate is large or complex, formal probate is a better option. The formal process begins with filing a petition with the probate court, then includes court hearings to resolve disputes and oversee the estate’s administration.
Formal probate takes longer and costs more than informal probate, but it provides greater legal protection and the oversight necessary in contested cases.
The informal process is useful if the decedent left a valid will and no one disputes its terms. The estate should be valued at less than $100,000, and all heirs or beneficiaries agree on the distribution of assets. There should be no significant debts and no legal complications.
The process begins with filing the necessary paperwork with the probate court and having the court appoint a personal representative to manage the estate. The personal representative will collect and distribute the assets, then close the estate.
Informal probate is much less costly than full probate and is usually a faster process.
If you’re unsure about which probate option to choose, talk with a lawyer at a reputable Farmington Hills law firm for guidance.
Once you’ve been appointed as the personal representative of the decedent’s estate, your tasks are specific.
First, you must notify any heirs and beneficiaries that the estate is open and that they may be receiving some assets. This notification may be accomplished through publication in a local newspaper if you can’t find one or more of the beneficiaries.
You should notify all known creditors via mail or personal delivery that the probate process is underway. You must also publish a notice in a local newspaper to inform unknown creditors about the probate of the decedent’s estate. You must publish the notice within three months of the personal representative’s appointment.
You must identify all the decedent’s assets. That includes real estate, personal property, bank accounts, business interests, and investments. You’ll need to inventory the assets and obtain accurate valuations for all the property. You must retain a certified appraiser to determine the fair market value of these assets as of the date of the decedent’s death.
After the appraisal is complete, you are responsible for paying any debts the estate owes. Then, you’ll need to pay any estate or inheritance taxes that are due.
Once you have paid all the estate’s debts and taxes, you may distribute the remaining assets in the estate according to the directions left in the decedent’s will. Once you’ve completed that step, you must report your activities to the probate court and request that the estate be closed.
If you’re nervous about performing the duties of a personal representative, an attorney from a Farmington Hills law firm can work with you to ensure that you carry out all your duties accurately and in accordance with the law.
When someone entrusts you with the responsibility of being the personal representative of their estate, you want to perform your tasks to the best of your ability. You need guidance from an experienced attorney from Head Murphy Law.
At our law firm, we put our clients first. We will do everything in our power to carry the legal weight for you. When you hire us, you hire a team. We believe in collaboration and utilize the power of teamwork to pursue the best possible results for our clients.
When you need compassionate attorneys you can trust in Farmington Hills, Michigan, call our office for a consultation. Our lawyers look forward to discussing your situation and guiding you through your next steps.
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