Detailed Answer
Gathering key information and documents before a person passes away helps streamline the probate process under Michigan law. Probate in Michigan begins when a personal representative files a petition with the probate court to validate a will or appoint an administrator if no will exists. By collecting essential records in advance, you reduce delays, simplify court procedures, and ensure that assets transfer smoothly to beneficiaries.
Key Documents to Collect Before Passing
- Original Will and Codicils: The court requires the original signed will under MCL 700.3401(1) (MCL 700.3401). Gather any codicils or amendments that modify the will.
- Trust Agreements: If a revocable or irrevocable trust exists, collect the trust documents and any signed amendments. Trusts can move assets outside of probate.
- Title Documents: Deeds for real estate, vehicle titles, and certificates of title confirm ownership and legal descriptions.
- Financial Account Statements: Bank accounts, retirement plans, investment accounts, and digital financial platforms. List account numbers, institution names, contact details, and beneficiary designations.
- Insurance Policies: Life insurance, annuities, and long-term care policies. Record policy numbers, insurer contacts, and named beneficiaries.
- Debts and Liabilities: Mortgages, loans, credit card statements, and outstanding bills. Include lender contacts and account details.
- Personal and Business Records: Marriage certificates, divorce decrees, birth certificates, Social Security cards, and business ownership documents.
- Digital Asset Information: Usernames, passwords, and instructions for online accounts, email, social media, digital currencies, and cloud storage.
How Michigan Law Applies
Under Michigan’s Estates and Protected Individuals Code (EPIC), you must file the original will and an application with the probate court in the decedent’s county of residence. The personal representative must inventory estate assets within 91 days per MCL 700.3602 (MCL 700.3602). Proper documentation ensures accurate valuation and distribution of assets.
Helpful Hints
- Store the original will in a secure, accessible location and inform a trusted family member or advisor.
- Update your asset inventory annually or after major life changes, such as marriage, divorce, or real estate transactions.
- Review beneficiary designations on retirement and insurance policies after life events.
- Use a secure password manager for digital asset access and provide instructions to your personal representative.
- Consult a licensed Michigan attorney when drafting or updating estate planning documents to ensure compliance with state law.
- Keep contact information for financial institutions, insurers, accountants, and attorneys in one folder or digital file.
Disclaimer: This article is for educational purposes and does not constitute legal advice. For advice specific to your situation, consult a licensed attorney in Michigan.