Small Estates Simplified

Losing a loved one is stressful, and the prospect of navigating probate can be overwhelming. In Michigan, the Estates and Protected Individuals Code provides an alternative to probate for small estates not exceeding $50,000.00.

In these cases, an affidavit must be signed by the decedent’s “successor” affirming the following:

• The estate does not include real property (i.e., land).
• The total value of the estate, net of liens and encumbrances, does not exceed $50,000.00, as adjusted annually for inflation.
• 28 days have elapsed since the decedent’s death.
• An application or petition for the appointment of a personal representative is not pending or has not been granted in any jurisdiction.
• The claiming successor is entitled to payment or delivery of the property.
• The name and address of each other person entitled to a share of the property, and the portion to which each is entitled, is listed.

The signed and notarized affidavit and a death certificate can then be taken to the institution holding the decedent’s assets—whether it’s a bank, life insurance company or other financial institution—to recover the assets swiftly, no probate required.

If you are handling a small estate in Michigan, transferring assets via affidavit can be a simple, affordable, and fast way to wrap up an estate. If you want to discuss your estate plan, probate, or the transfer by affidavit process, reach out to the attorneys at Wright Beamer at 248.477.6300.