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Michigan Bond of Fiduciary

Michigan Bond of Fiduciary

Name: Michigan Bond of Fiduciary
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.57 (382 reviews)

Category:

Michigan Local County - Macomb - General

State:

Michigan

Control #:

MI-PC-570

Format:

Instant download

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Public form

Description

This Bond of Fiduciary is an official document from the Michigan State Court Administration Office, and it complies with all applicable state and Federal codes and statutes. USLF updates all state and Federal forms as is required by state and Federal statutes and law.

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FAQ

A personal representative of an estate (either an executor or an administrator) purchases a probate bond from a surety company. They pay a portion of the value of the estate usually around 0.5%.

In Michigan, filing for a probate estate costs $150.00 Certified copies of letters of authorization for the Personal Representative are $12.00 each. The publication of notice to creditors costs about $50.00. There is also an inventory fee which is assessed on a sliding scale.

A fiduciary bond is a legal instrument that essentially serves as insurance to protect beneficiaries, heirs and creditors when a fiduciary fails to perform honestly or competently. A court may require a fiduciary bond for any person or party that has fiduciary duty or responsibility to another.

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. (Mich.

File the form, the decedent's will (if there is one), and a certified copy of the death certificate with the county probate court where the decedent lived. If the decedent did not live in Michigan but owned real property in Michigan, file the documents in the county where the real property is located.

Submit an application and executed indemnity agreement supplied by the surety broker/agent; Provide a copy of the court paperwork pertinent to the case; and. Pay the premium for the bond once approved.

Michigan Bond of Fiduciary

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