Darren Findling of The Probate Pro explains the step by step process to complete a probate inventory in Michigan for presentation to the probate court and service to the interested persons.

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I've been appointed the personal representative and a deceased probate estate in Michigan and now it's time to present the inventory. Hi I'm Darren Findling of The Probate Pro. We're gonna walk step-by-step through form PC five seven seven that is a state court administrator form for the preparation of the required inventory this form is required under both Michigan statute as well as Michigan Court Rule we strongly urge you to use an experienced competent probate lawyer when completing this form and to refer to the statutes and court rules that identify how to complete the form we're going to explain how this form works specifically how you complete it and then what the rules are relating to service this form must be presented to the probate court within 91 days of the appointment of the personal representative now notice I didn't say the word filed because in Michigan the presentation of the inventory in an unsupervised administration is the requirement what does that mean it means that you bring the inventory down to the probate court the probate court looks at it and calculates the gross inventory fee it does not require the filing of the inventory unless the estate is supervised or ordered by the probate court that it must be filed it's an important consideration because the idea in Michigan is that unless it's a supervised administration the inventory and the assets identified within the inventory are kept private private among those that are interested within the estate so after the farm is presented to the probate court and the inventory fee is identified or determined then it must be served upon the interested persons as defined under the Michigan Court rules now this particular form gets completed and then served among the interested parties and that gross inventory fee must be paid either before the sworn story statement closes filed the the order for complete administration or petition for the filing for the closing or within one year failure to do this or any of these steps subjects the personal representative to a deficiency which could cause removal or sanction now at the top of this form in the red box you'll you'll see that there's a little check box for whether this is an amended inventory or the original inventory that box would be only checked if you're amending this and it had already been presented below and that red box identifies the court rules and statutes as well as the form let's work our way through this document these are pretty intuitive areas to fill out top left corner identifies the county in which the probate court is filed and then the file number is identified in the top right corner moving further through the document identifies the name of the deceased estate as well as the personal representative that is completing the inventory in addition the date of death is identified because it is the fair market value of the asset like a snapshot taken as of the date of death that's relevant now really the crux of this document is in this larger section that we highlighted in red your to identify assets of the decedent now let's talk about what that means that means an asset that has no joint owner an asset that has no named beneficiary and an asset that is in the individual name of the decedent so for example the asset was in a trust that wouldn't go on this if an asset was jointly held with another person it wouldn't go in this form as well as a life insurance policy with a name that officiate but any asset in the individual name that doesn't meet those criteria would be listed here you identify the nature of the asset as well as its value and then if there's any liens so for example with a house in real with real estate you identify the value of that house either by using the state eagle-eyes value or an appraisal or and sale you get to subtract the
Legal Disclaimer:
This video is for educational purposes only and is not to be considered legal advice. The Probate Pro, PLC, QuietTitle.com and any other entities of The Darren Findling Law Firm, PLC do not claim to be an “expert” or “specialist” in their legal practice areas.