Small Estate Affidavit in Michigan – Everything You Need to Know
If you are a resident of Michigan and have recently lost a loved one who had a small estate, you may be wondering what options are available to you in terms of estate administration. One option that you may consider is filing a Small Estate Affidavit. In this article, we will explore what a Small Estate Affidavit is, when it can be used, and how to file one in Michigan.
What is a Small Estate Affidavit?
A Small Estate Affidavit is a legal document that allows an individual to claim the assets of a deceased person without going through the probate process. It is a simplified and less expensive alternative to probate, which can be time-consuming and costly. The purpose of a Small Estate Affidavit is to streamline the transfer of assets to the rightful heirs or beneficiaries.
When Can a Small Estate Affidavit be Used?
In Michigan, a Small Estate Affidavit can be used if the total value of the decedent’s assets, excluding real estate, does not exceed $15,000. Real estate is typically not included in a Small Estate Affidavit and may require a separate process for transfer. Additionally, the person filing the affidavit must be an heir or beneficiary entitled to the decedent’s assets.
How to File a Small Estate Affidavit in Michigan
To file a Small Estate Affidavit in Michigan, you will need to follow these steps:
- Gather Required Documents: Obtain a certified copy of the death certificate, as well as any relevant documents that prove your relationship to the decedent, such as a birth certificate or marriage certificate.
- Determine Eligibility: Confirm that the total value of the assets, excluding real estate, does not exceed $15,000 and that you are an heir or beneficiary entitled to the assets.
- Prepare the Affidavit: Create a Small Estate Affidavit, which should include the decedent’s name, date of death, a list of assets, and the names and addresses of the heirs or beneficiaries.
- Sign the Affidavit: Sign the Small Estate Affidavit in the presence of a notary public. The notary public will also need to sign and affix their seal to the document.
- File the Affidavit: Submit the completed Small Estate Affidavit, along with the death certificate and any other required documents, to the probate court in the county where the decedent resided. There may be a filing fee associated with the submission.
- Notify Creditors: After filing the affidavit, it is recommended to publish a notice to creditors in a local newspaper to alert any potential creditors of the decedent’s death.
- Distribute Assets: Once the court approves the Small Estate Affidavit, you can proceed to distribute the assets to the rightful heirs or beneficiaries.
Conclusion
Filing a Small Estate Affidavit in Michigan can be a straightforward and cost-effective way to transfer assets of a deceased person without going through the probate process. However, it is essential to ensure that you meet the eligibility requirements and follow the correct procedures. If you have any doubts or need assistance, it is recommended to consult with an attorney who specializes in probate and estate planning in Michigan.