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Michigan Petition for Removal of Personal Representative and...

Michigan Petition for Removal of Personal Representative and Appointment of Successor (Estate Not Closed)

Name: Michigan Petition for Removal of Personal Representative and Appointment of Successor (Estate Not Closed)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.56 (343 reviews)

Category:

Michigan Probate - Statewide - Personal Representatives

State:

Michigan

Control #:

MI-PC-604

Format:

Instant download

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Description

This Application - Petition for Removal - Termination of Personal Representative and Appointment of Successor 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

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.

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.

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.

To close the estate you must file a specific document with the court that says you finished administering the estate and did what you were required to do as the personal representative. You may also need to get receipts from the estate beneficiaries and make a final accounting.

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 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)

If a personal representative fails to act in the best interests of the beneficiaries to such an extent that the welfare of the beneficiaries is at risk, they can be removed by the Court.

Michigan Petition for Removal of Personal Representative and Appointment of Successor (Estate Not Closed)

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