The below article is meant for informational purposes regarding the probate process in Michigan. Rockpoint Probate Funding DOES NOT provide funding services for estates based in Michigan.
When someone leaves you an inheritance in their will, receiving it isn’t always easy or quick. It can take even longer if they die without a will or if there are disagreements among family members. In Michigan, probate lasts at least five months and may continue for over a year. You may want to learn more about how the probate process works in Michigan.
What Does Probate Involve?
Probate is the court process of distributing a deceased person’s property to legal heirs and creditors. It involves identifying beneficiaries, collecting assets, paying debts, and distributing what remains.
It also involves validating a will if there is one or appointing an administrator to manage the estate if there isn’t. When a person dies without a will, their assets pass to their closest surviving relatives according to state laws of intestate succession.
Is Probate Always Necessary in Michigan?
Probate is necessary for most Michigan estates. The process may be informal or formal, depending on the nature of the estate and whether there are any disputes. Michigan nearly always requires probate in the following situations:
- The title of the deceased person’s assets needs to be transferred.
- Someone owes the deceased person money that needs to be collected.
- People dispute the ownership of the decedent’s assets.
- There are questions about the validity or integrity of the will.
- There is no will.
Most Michigan probate proceedings are informal. Completed before a registrar rather than a judge, informal probate is typically quicker, simpler, and less costly than formal probate. Formal probate cases are court proceedings involving a judge.
Does Michigan Have a Small Estate Probate Process?
Michigan allows for a simplified probate procedure for small estates meeting one of the following criteria:
- The estate is worth less than $15,000 (after funeral and burial costs).
- The estate only has enough funds to cover the last illness and funeral, the homestead and family allowances, and other expenses.
When Is Probate Not Necessary in Michigan?
Michigan doesn’t require probate if a small estate is worth less than $15,000 and doesn’t include real property. Instead, heirs can claim property with a small estate affidavit.
In addition, certain assets are exempt from Michigan probate requirements. While property that the decedent owned individually must typically go through probate, the following assets do not:
- Jointly owned assets, including real estate and bank accounts with rights of survivorship
- Property in living trusts
- IRAs, 401(k)s, life insurance, and annuities with a named beneficiary
- Assets with payable-on-death or transfer-on-death provisions
What Is the Probate Process Timeline in Michigan?
The probate process timeline in Michigan varies significantly depending on the complexity of the estate and any potential disputes among beneficiaries. Generally, the process lasts a minimum of five months, during which the personal representative must perform numerous tasks, including notifying heirs and creditors. However, if complications arise, such as will contests or complex asset inventories, the probate can extend well over a year, causing frustration for beneficiaries awaiting their inheritance.
Understanding the timeline of probate is crucial not only for planning but for managing expectations. The first stage involves gathering assets and filing necessary documents with the court, which can take weeks to months. Once the debts are settled and any estate taxes addressed, the personal representative can proceed to distribute the remaining assets, but this may encounter additional delays if disputes arise, emphasizing the importance of careful estate planning.
Why Consider an Inheritance Cash Advance?
An inheritance cash advance can be a beneficial option for heirs who are facing financial difficulties while waiting for the probate process to conclude. This advance allows individuals to access a portion of their expected inheritance before the estate has been fully settled. The financial relief provided can be significant, offering heirs the opportunity to cover pressing expenses like bills, tuition, or medical costs without having to wait for the lengthy probate process to finalize.
Moreover, choosing an inheritance cash advance allows beneficiaries to avoid potentially costly situations, like accruing debts or incurring interest on loans while they wait. With Rockpoint Probate Funding, you can receive funds quickly — often within 24 hours — providing peace of mind during an otherwise stressful time. This option not only empowers heirs to manage their finances but also alleviates the uncertainty that often accompanies lengthy probate proceedings.
Understanding Intestate Succession in Michigan
When an individual dies intestate, or without a will, Michigan law dictates how their assets will be distributed among their surviving relatives. This process is governed by the laws of intestate succession, which outline a specific hierarchy for inheritance based on familial relationships. Typically, the deceased’s assets will first go to their spouse and children, but if no immediate heirs exist, the estate may pass to more distant relatives, such as siblings or parents.
Understanding intestate succession is crucial for beneficiaries because it determines how assets will be allocated without a will’s guidance. This process can often lead to confusion and disputes, particularly if family dynamics are strained or if there are multiple claimants to the estate. By being informed about these laws, heirs can better navigate the process and make sense of their entitlements, and consider the importance of estate planning for future generations to avoid such scenarios.
What Are the Probate Steps in Michigan?
Michigan probate involves the following steps:
- Initiating probate: Probate begins with filing a petition with the probate court where the decedent lived.
- Appointing a representative: The court appoints a personal representative — either the person named in the will or someone else if there is no will — to administer the estate. The personal representative is entitled to reasonable executor compensation under Michigan law.
- Notifying heirs and creditors: The personal representative sends a formal notice to heirs and creditors and publishes a notice in a local newspaper.
- Gathering assets: The personal representative collects, safeguards, inventories, and values the decedent’s property. They may need to hire a professional appraiser for some assets.
- Paying debts: The personal representative pays bills, creditor claims, taxes, funeral expenses, and other outstanding debts from the estate funds.
- Distributing property: The personal representative distributes the remaining assets according to the will or Michigan laws of intestate succession.
What Happens If Someone Dies Without a Will in Michigan?
When someone dies without a will in Michigan, the process functions similarly to probate proceedings with a will. One main difference is that the court appoints a personal representative from a list of eligible people rather than appointing a person named in the will. However, their duties are similar, including assembling assets, paying creditors, and distributing property.
The second major difference without a will is that the distribution of property follows the laws of intestate succession rather than the decedent’s wishes. Without careful estate planning, the deceased person’s property must go to their surviving relatives in the order specified by state law.
Are There Ways To Access My Inheritance Funds Now?
Unfortunately, Rockpoint Probate Funding is currently unable to offer inheritance advances in Michigan. We can, however, offer funding associated with estates in many other nearby states. If you loved one’s estate is based in a nearby state, feel free to call Rockpoint Probate Funding today at (888) 263-8588 for more information.
With a cash advance from Rockpoint Probate Funding, you can have money in hand as soon as today. Even if your loved one’s estate takes years to clear, you can access your inheritance advance now.
What Are the Benefits of an Inheritance Cash Advance?
If you are considering a probate cash advance from Rockpoint Probate Funding, the following benefits may appeal to you:
- Quick, convenient access to cash — Receive your funds in as little as 24 hours.
- No financial risk if your inheritance doesn’t come through
- No monthly fees or accumulating interest
- No spending restrictions — You can spend it on living expenses, auto payments, school tuition, and more.
- No credit checks, minimum credit score, or income requirements
- No hassle — We collect payment from the estate when it settles, and you receive the rest.
