What is Probate and Why is it Necessary?
Probate is a court-managed proceeding in which assets are re-titled and distributed according to a will or the law of intestacy (when someone passes away without a will).
Perhaps you are wondering what is involved in probating an estate?
- Locate and file the decedent’s will (if he or she had one) with the local court
- Locate, inventory, custody, close and transfer personal assets and accounts
- File necessary probate documents with the court
- Appraise and determine the value of all assets
- Ascertain and then notify all known creditors of the estate
- Process and obtain life insurance death benefits, if any
- Secure the decedent’s residence and tangible personal property
- File tax returns (federal and Michigan) and make appropriate tax elections
- Pay estate taxes and final personal income taxes, if any
- Make specific bequests, together with partial and final distributions, to beneficiaries.
- Provide detailed accounting to beneficiaries and the local court
- Make payments to creditors, discharge the decedent’s obligations and obtain creditor releases
- Obtain tax releases and closing letters from the IRS, local courts and state taxing authorities
The Probate Process Can Be Overwhelming
As you can well imagine, accomplishing all of this takes a great deal of time. When you factor in the grief that comes with losing a loved one, the situation can seem overwhelming.
You don't have to go through probate alone. We can guide you through the process and settle the estate as quickly and economically as possible, so you can focus on what is most important… coming to terms with your loss. We invite you to contact us at your earliest convenience for a personal consultation.
At the Law Offices of Angela J Ghannam, PLC we are familiar with Michigan’s procedures and laws regarding Probate. Give us a call at (313) 945-9050 for more information.