Michigan Probate | Inheritance Advances in Michigan
The Probate Process in Michigan
When you lose someone close to you, the last thing you want to do is go through a complicated legal process to collect your inheritance. However, in Michigan, most estates must pass through probate before heirs can access their money.
Inheritance Funding offers fast and easy cash advance services to help take some of the weight off your shoulders. We’ll give you an advance and work directly with the probate courts in Michigan for repayment so you can focus on what matters.
Is Probate Required in Michigan?
Probate is required when the decedent was the sole owner of their assets. Probate can be avoided if the decedent:
- Named beneficiaries: When decedents name beneficiaries of life insurance policies, retirement accounts and other assets, they can ensure their assets transfer smoothly without going through the probate process.
- Created accounts with payable-on-death provisions: Accounts with payable- or transferable-on-death designations will bypass probate and go directly to the named beneficiaries.
- Placed assets in a trust: Any asset held in a revocable living trust can avoid probate and go to the trustees and beneficiaries after the decedent’s passing.
- Owned assets under joint tenancy: Any asset held in joint tenancy will transfer to the surviving joint owner.
How Does Michigan Probate Work?
The Michigan probate process serves an essential purpose that oversees the distribution of all assets and belongings left behind when a resident passes. The Michigan probate court doesn’t require you to file probate in a specific time frame and starts by choosing a representative to be in charge of the estate that makes sure all assets are in order and debts are paid off. This is also when the will is examined to determine its validity and given to its heirs. Fortunately, Michigan has no inheritance tax, although the estate itself is still subject to taxes per Michigan and federal law.
If there is no will present, the responsibility falls on the state to distribute the assets to the correct beneficiaries. This Intestate process looks at close relatives such as spouses, children and parents and determines how much each receives.
How Long Does Probate Take in Michigan?
The key problem with the process of probate in Michigan and its inheritance laws is that it takes an extremely long time from start to finish. The idea of having a legal process stand in the way of your rightful inheritance can prove very frustrating, especially during such a difficult time.
Typically, the probate process takes a minimum of five months to settle. It may even last longer than a year in some cases. The exact length of time will depend on how large and intricate the estate is. In Michigan, an estate may qualify for a simpler and shorter version of probate if it is less than $15,000.
How to Avoid Probate in Michigan
If you’re just finding out how long probate can take, you may want to know about your and your loved ones’ options. You can avoid probate court in Michigan using a revocable living trust. The trust becomes the owner of the estate, and the beneficiaries have access right away. Assets that have named beneficiaries are also often excluded from probate proceedings, including life insurance policies, retirement accounts and even bank accounts.
If your loved one didn’t set any of these accounts or trusts up before they passed, you can also receive a cash advance from IFC to skip the probate line in Michigan and use your money when you need it.
Access Your Inheritance in Michigan Immediately with IFC
Whether you have bills stacking up, home repairs to make or future vacation plans, you may not have time to wait through the probate process to get the money in your hands. When you work with our committed team at Inheritance Funding, we will provide you with a cash advance to give you immediate access to the inheritance money your loved one meant for you to have.
We have worked hard for over 25 years with over $200 million advanced to thousands of heirs across the country that have been in the same shoes you’re in. Our friendly team has the expertise and size to help you immediately, starting with a free, no-obligation consultation. We value a transparent interaction with no hidden fees or monthly payments! And inheritance advances have no impact on your credit score or income, unlike probate loans.
Why Wait? Get Your Inheritance Now!
We want to take the burden off of your shoulders and let you use your inheritance money however you need to. We’ll answer all your questions, walking with you every step of the way through the Michigan probate process.
There’s no need to wait years for what’s yours; call us today or contact us online to get access to your money within 24 hours.
Why Wait? Get Your Inheritance Now!
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