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executor fees in michigan 

An executor, or personal representative, carries out the terms and provisions of a deceased person’s will. An executor, known as a personal representative in Michigan, carries out the terms of a will. The fee must be "reasonable." Other factors include the amount of time and effort the executor must spend working on the estate. Fees: Probate Court Filing Fees Gross Estate Fee Schedule Inventory Fee (Gross Estate Calculator) Oakland County Probate Court Notices regarding Gross Estate Fees: Notice Regarding Fees (GEF & Motions) - July 2004 Notice to the Public - November 2005 Inventory Fee Notice - February 2006 Some states, like California and New York, have fee schedules written into state probate code that dictate what percentage of the estate’s assets to pay an executor. Generally, the personal representative’s first step is to open an estate with the Michigan Probate Court. Fee determined by MCL 600.871 based on the value of estate – there is no fee for filing. An executor's duties typically include securing the decedent's home, for example, by changing the locks; identifying and gathering all information relating to bank accounts, investment accounts, stocks, bonds and mutual funds; and arranging an appraisal of all real estate and tangible personal property. He’s claiming he can take a 3% fee on all, as an estate/trust executor. Click on your state in the map below to see the executor fees you’re entitled to: WA OR CA NV ID MT WY UT CO AZ NE SD ND MN IA WI IL IN OH MI PA NY VT NH MA NM TX OK KS MO AR LA MS TN AL GA SC FL KY VA NC ME CT RI NJ DE MD AK HI WV. Calculate the Inventory Fee. Sometimes this position is referred to as an executor. Probate is the legal process through which the court ensures that, when you die, your debts are paid and your assets are distributed according to Michigan law. The court must appoint that person unless someone else challenges your choice of executor and there is clear evidence that he or she is “incompetent or unsuitable” to serve. The fee must be "reasonable." Some states use reasonable compensation to determine executor fees, meaning the probate court determines compensation. Consider contacting a local Michigan probate or estate administration attorney who can help you better understand the current Michigan laws. Calculate the Inventory Fee Arrange for the executor of your estate to be paid for their services with this Executor Fee Agreement. As a diligent executor, you may think you have to pay these bills immediately to keep the finances of the estate in good standing. Legal fees, executor fees, inventory fees (county taxes), and other costs have to be paid before your assets can be fully distributed to your heirs. When a family or attorney submits a will to probate, the court takes into account the will's appointment of an executor. There is no set fee or set schedule of fees in Michigan. Not many of us find ourselves in the position of being an executor or trustee of an estate – it may only happen once or twice during our lifetimes (if at all). Executor’s or administrator’s fee: Pay yourself your executor’s fee, which must be reasonable. Her estate started … 03-20) Fee Transmittal for State of Michigan Probate and Circuit Courts Issued under authority of P.A. 5%. Under Michigan laws, the individual who carries out instructions in a will is known as a personal representative. "PA Executor Fees: Everything You Need to Know." (e.g., an executor for an Ohio estate is also entitled to 1% of the value of any unsold real estate, as per Ohio Revised Code § 2113.35) Even if the will does specify a fee calculation approach, in some states the executor can renounce this fee and instead collect a fee based on default state statutes. Lawyer to represent you not allow probate lawyers to enter into contingency fee.! 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