![]() ![]() There is a $5 inventory fee for an estate with a value of zero (0).The inventory fee must be paid within one year of the date the Personal Representative received their Letters of Authority or the filing of a Sworn Statement to Close Administration or Petition for Complete Estate Settlement, whichever is earlier.No parcel of real estate can be valued at less than zero, and there is no carryover to other estate assets. For decedents dying on or after Maand before January 1, 2018, the inventory fee is based on the value of the estate less any lien(s) on parcel(s) of real estate.For decedents dying before March 28, 2013, no deduction is allowed for any mortgage, lien or encumbrance on any asset.The inventory fee for Decedent Estates is based on the value of the property pursuant to a schedule according to Michigan law. List the amount and type of any mortgage, lien, or encumbrance on any particular asset. If you use an appraisal for any item(s), include a copy of the appraisal with the Inventory. If an account number is necessary to distinguish between accounts, put it on form MC 97.įor additional information, see the instructions contained on the Inventory form ( PC 577).įor all assets, use the fair market value as of the Decedent’s date of death.įor real estate, use any of the following methods: (1) two times the State Equalized Value (SEV) of the year of date of death, (2) a value based on a full narrative appraisal by a licensed appraiser within one year of the date of death, or (3) a sales price if the property was sold within one year of the date of death. Do not provide financial account numbers on this form. The Inventory will not be filed as part of the case in our case management system.įor Supervised Administration (DA) – Must be filed within 91 days of the date the Personal Representative’s Letters of Authority were issued.įor Decedent Estates, all the assets owned by the Decedent as of the date of death.įor real estate, include the street address and the complete legal description as reflected on the deed.įor motor vehicles, boats, trailers, or motor homes, include the year, make, model, and vehicle identification number (VIN).įor ordinary items, combine them into categories (i.e., clothing, furniture, etc.).įor items with special value, list them separately (i.e., antiques, coin\stamp collections, art, fine dishes\silverware).įor bank accounts, list banking institution and amount. The Probate Court will review the Inventory to determine if it appears to be accurate and complete, and to officially calculate the inventory fee. Note: You must submit the Inventory to the court. ![]() When does an Inventory have to be filed or submitted?įor Unsupervised Administration (DE) – Must be presented within 91 days of the date the Personal Representative’s Letters of Authority were issued. Personal Representatives must prepare an Inventory. ![]()
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