Learn about procedures to transfer a deceased person's assets.
A deceased person's assets must be transferred to his or her beneficiaries. There are four ways to transfer such assets. One or more of these procedures may be used in any given case, depending upon the types of assets owned by the deceased person, and their estate planning documents. Select any topic below to learn more.
Probate is a judicial process to distribute assets owned solely by a deceased person. A deceased person's last will and testament provides instructions for distribution of their property in a probate proceeding. A personal representative is appointed by the probate court to administer and distribute the assets.
Trust administration is the legal process to distribute assets from a deceased person's trust. A person who creates a trust is called a "Settlor". A trustee is appointed by a Settlor in a trust. Only property owned by a trust is administered by a trustee in accordance with a trust document. Trustees must follow the Michigan Trust Code to administer all types of trusts.
A person may register assets in "beneficiary form" during his or her lifetime. Upon death, such assets are transferred to one or more designated beneficiaries without formal legal proceedings.
Small estate procedures provide quick access to a deceased person's personal property, vehicles, or financial accounts in certain situations. Read this section to find out when small estate procedures may be used.
How to Start Estate Administration
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Disclaimer: The content of this website is a summary of highly complex legal topics. It is not intended to be used as a substitute for the advice of a qualified attorney. Estate Planning Law Group disclaims any liability to the reader unless an attorney-client relationship is established in writing.
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