A completed inventory is one of the requirements for closing a probate in Michigan. As Michigan estate planning and probate lawyers, we
assist our clients through the process. A common question from clients as we go through the Michigan probate system, whether in Macomb, Oakland or Wayne, is "what goes on the inventory?"
The answer is anything that needs to be probated or in other words any property that does not list someone else as a beneficiary of the asset or lists the estate as a beneficiary and is not titled into a trust. It comes down to title and beneficiary designations.
The answer is anything that needs to be probated or in other words any property that does not list someone else as a beneficiary of the asset or lists the estate as a beneficiary and is not titled into a trust. It comes down to title and beneficiary designations.
For example a savings account in the name of the deceased that doesn't
have a transfer on death designation would probably be listed on the
probate inventory. However, that same account title into a revocable
living trust would not be listed on the inventory form because it
avoids probate.
Michigan probate can be tricky and time consuming. That is why many of our clients opt for proper estate planning through the use of revocable living trusts.
-Christopher J. Berry, Esq.
Oakland County Probate Lawyer
Michigan probate can be tricky and time consuming. That is why many of our clients opt for proper estate planning through the use of revocable living trusts.
-Christopher J. Berry, Esq.
Oakland County Probate Lawyer
