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Michigan Notice of Appointment and Duties of Personal Representative

Michigan Notice of Appointment and Duties of Personal Representative

Name: Michigan Notice of Appointment and Duties of Personal Representative
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.71 (277 reviews)

Category:

Michigan Probate - Statewide - Personal Representatives

State:

Michigan

Control #:

MI-PC-573

Format:

Instant download

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Description Notice Of Appointment And Duties Of Personal Representative In Mi

This Notice of Appointment and Duties of Personal Representative 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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Executor's remuneration: 3.5% calculated on the gross value of assets as at death. income collection fee: 6% calculated on all post-death revenue.

Generally speaking, a Personal Representative is responsible for opening the estate, collecting the assets of the estate, protecting the estate property, preparing an inventory of the property, paying various estate expenses, valid claims (including debts and taxes) against the estate, representing the estate in claims

Under California Probate Code, the executor typically receives 4% on the first $100,000, 3% on the next $100,000 and 2% on the next $800,000, says William Sweeney, a California-based probate attorney. For an estate worth $600,000 the fee works out at approximately $15,000.

Executors have also traditionally set fees as a percentage of the overall estate value. So for example, a $600K estate which required 850 hours of work might generate $22K in executor fees (see calculator below). The executor may pay himself or herself this compensation as earned, without prior court approval.

If the personal representative tires of the duties associated with administering the estate, the person cannot simply resign. Rather, the court must accept the resignation before the person is free to relinquish the reigns to a different (successor) personal representative.

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.

Executor Fees in Michigan For example, if in the last year, executor fees were typically 1.5%, then 1.5% would be considered reasonable and 3% may be unreasonable. But the court can take into account other factors such as how complicated the estate is to administer and may increase or decrease the amount from there.

Michigan Notice of Appointment and Duties of Personal Representative

Description Notice Of Appointment And Duties Of Personal Representative In Mi

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How are executor fees calculated?

Will personal representative duties?

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Can a personal representative resign?

How long does an executor have to settle an estate in Michigan?

What is a reasonable executor fee in Michigan?

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