Disclaimer: This article is for informational purposes only and is not legal advice. Consult a qualified attorney for advice about your specific situation.
Detailed Answer
Under Michigan’s Estates and Protected Individuals Code (EPIC), a personal representative must prepare and file a complete inventory of the decedent’s estate before the court can grant a year’s allowance.MCL 700.3610 EPIC defines a year’s allowance as a reasonable sum from the estate to support the surviving spouse and minor children during administration.MCL 700.3203
When you request a year’s allowance, the court reviews the estate’s assets, including personal property like vehicles, jewelry, furniture, bank accounts, and investment holdings. This full disclosure ensures the court can calculate an allowance amount that aligns with statutory limits and the needs of dependents.
Legal Requirements for Listing Personal Property
- You must list every personal property asset in the inventory filed within 91 days of appointment.MCL 700.3611
- Include accurate descriptions and estimated values for items such as vehicles, electronics, household goods, and financial accounts.
- Update the inventory if you discover additional assets after the initial filing.
- File the inventory with the circuit court clerk in the county where the estate is administered.
Why Full Disclosure Matters
Full disclosure of personal property helps the court:
- Determine a fair year’s allowance under EPIC.
- Protect the interests of creditors and beneficiaries.
- Avoid disputes over undisclosed assets later in the administration process.
Helpful Hints
- Gather documents early: bank statements, titles, appraisals, and account statements.
- Use a spreadsheet to track item descriptions, locations, and values.
- Meet the 91-day deadline for filing the inventory to avoid court sanctions.
- Consult an attorney if property values are complex or contested.
- Keep organized records of any updates to the asset list.