Taking on the role of executor in Michigan is a big responsibility. Follow these steps to carry out your duties effectively:
Secure the estate
Your first task is to protect the deceased’s property. This means locking up the home, safeguarding valuables and informing banks about the death. These actions prevent unauthorized access and potential theft.
Obtain the death certificate
Get several copies of the death certificate. You’ll need these to notify banks, insurance companies and government agencies. You can get them from the funeral home or local health department.
Find the will and other essential documents
Locate the deceased’s will and other estate planning documents. These will guide you in distributing assets as the deceased wishes. If you can’t find the will, check with the deceased’s lawyer or the probate court.
File the will with the probate court
In Michigan, you must file the will with the probate court in the county where the deceased lived. This starts the probate process and officially recognizes you as the executor.
Notify beneficiaries and heirs
Inform all beneficiaries and heirs about the death and your role. Clear communication helps manage expectations and reduces the chance of disputes.
Inventory the estate
Make a thorough inventory of everything the deceased owned and owed. List all their property, including homes and land, money in the bank, stocks and bonds, personal belongings and any unpaid bills. Michigan law requires you to file this inventory with the probate court.
Manage estate assets
As the executor or trustee, you manage the estate’s assets. This may involve maintaining property, paying bills and ensuring assets keep their value.
Pay debts and taxes
You must pay the deceased’s outstanding debts and any taxes owed. Michigan law prioritizes paying certain debts, like funeral expenses and taxes, before distributing assets to beneficiaries.
Distribute assets
Once you’ve settled all debts and taxes, distribute the remaining assets as the will or trust directs. If the deceased did not leave a will, Michigan’s intestacy laws will guide you on splitting up the assets.
Close the Estate
Finally, file a final accounting with the probate court and ask to close the estate. This step officially ends your duties as executor.
By following these steps, you can confidently handle your responsibilities and ensure the deceased’s wishes are honored. If you face any challenges, consider seeking professional advice to help you through the process.