[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Probate Court Address] [City, State, ZIP Code] RE: Assets and Liabilities of Decedent's Estate — [Name of the Decedent] Estate of [Name of the Decedent], Deceased Case No: [Probate Case Number] Honorable Judge [Judge's Last Name], I, [Your Name], the court-appointed Personal Representative for the estate of [Name of the Decedent], hereby submit a detailed report of the Assets and Liabilities of the decedent's estate in accordance with the requirements of the Michigan Probate Code. I. Assets: A. Real Property: 1. [Type of Property, e.g., Family Home]: — Location: [Property Address— - Estimated Market Value: [Market Value] 2. [Type of Property, e.g., Vacation Property]: — Location: [Property Address— - Estimated Market Value: [Market Value] B. Personal Property: 1. Bank Accounts: — [Name of Financial Institution]: [Account Type] — Account Number: [Account Number— - Balance: [Current Balance] 2. Investments: — [Name of Financial Institution/Investment Company]: [Type of Investment] — Account Number: [Account Number— - Market Value: [Current Market Value] 3. Vehicles: — [Make and Model of Vehicle]: [Vehicle Identification Number (VIN)] — Estimated Value: [Approximate Value] C. Other Assets: 1. Life Insurance Policies: — [Insurance Company Name]: [Policy Number] — Face Value: [Policy Face Value] 2. Retirement Accounts: — [Name of Financial Institution]: [Type of Account] — Account Number: [Account Number— - Balance: [Current Balance] II. Liabilities: A. Outstanding Debts: 1. Mortgage: — [Lender's Name]: [Outstanding Mortgage Amount] 2. Credit Card Debt: — [Credit Card Issuer]: [Outstanding Balance] 3. Personal Loans: — [Creditor's Name]: [Outstanding Loan Amount] B. Funeral and Final Expenses: — [Name of Funeral Home/Service Provider]: [Total Estimated Cost] C. Taxes: — [Internal Revenue Service/Michigan Department of Treasury]: [Estimated Tax Liability] Please note that this list is not exhaustive and only represents the identified assets and liabilities as of the date of this letter. Any additional assets and liabilities that may be discovered during the probate process will be promptly reported to the court and all interested parties. I declare under penalty of perjury under the laws of Michigan that the information provided is true and correct to the best of my knowledge and belief. Thank you for your attention to this matter. Sincerely, [Your Name] Personal Representative for the Estate of [Name of the Decedent]
Michigan Sample Letter for Assets and Liabilities of Decedent's Estate
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FAQ
Real Estate Probate ? If a property is valued below $22,000, a spouse or any surviving heirs can petition a probate court to have the estate probated. For estates valued above $22,000 there is a formal supervised probate process which requires the appointment of a personal representative to distribute the estate.
Affidavit of Decedent's Successor for Delivery of Certain Assets Owned by Decedent (PC 598) may be used to affirm the following: More than 28 days have passed since the death of the decedent. The estate does not include real property.
Here are a few common instances where assets do not require probate in the State of Michigan: Assets owned under ?joint tenancy.? Beneficiary designation assets (i.e. retirement accounts with a listed beneficiary) When the decedent has assets named within a trust.
A Michigan small estate affidavit is a document that allows a petitioner, known as an ?affiant,? to stake a claim on property from the estate of a deceased loved one, known as the ?decedent.? In Michigan, this process is available to estates that have a value of $15,000 ? as adjusted for cost of living (see below) ? or ...
If the estate's value is under the ?small estates? limit in Michigan, you can use a simplified probate procedure, called a ?summary probate.? You don't need a court hearing in front of a judge ? you only need to file simple forms and wait a certain amount of time before distributing the assets.
A Letter of Authority is a legal document that is signed by the Register of the Probate Court in the County where your loved one was living at the time of their death. It designates the person who will be the Personal Representative of your loved one's Estate.
As part of the affidavit, the person filling out the paperwork, known as ?the affiant,? must provide certain information, including the deceased person's personal information, date of death, and a list of the deceased's property and debts. This document must be signed under oath, so honesty is paramount.
The dollar limit can change each year. If a person dies in 2023, an estate must be valued at $27,000 or less to be small. If a person died in 2022, an estate must be valued at $25,000 or less. If a person died in 2020 or 2021, an estate must be valued at $24,000 or less.