QUESTION
What do I do after I submit the list to probate court?
Asked on Nov 04th, 2013 on Estate Planning - Michigan
More details to this question:
My grandma passed away in July. I went to court to become personal representative unsupervised. I have to submit an inventory list this week but am confused. I put her house on the market and it sold. We close Thursday. I’m not sure what I put down for that on the list since her loan will be paid.
2 ANSWERS
Business Law Attorney serving Mount Pleasant, MI
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Office of Michael Hyde PLLC
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You will need to list the home as sold, the sale price, all the expenses of the sale and then the final net proceeds that went into the estate. For example: Sale price = $120,000 minus Costs of sale (realtor fees, listing fees, closing expenses, survey - whatever they might be) = net proceeds to estate. Your financial accounting should reflect all of that. If the proceeds were distributed to heirs, then that too should be shown as distributions from the estate.
Answered on Nov 07th, 2013 at 3:36 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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You list the date of death value of the home, and you also list the value of the lien. The date of death value can be determined by either multiplying two times the state equalized value or by using an appraised value. The sales price is not a usable price. You will also need to pay an inventory fee, based on a percentage of the value of the home.
Answered on Nov 07th, 2013 at 3:36 PM