The Probate Pro understands that probate administration is confusing, time consuming and difficult. In this video, Darren Findling of The Probate Pro explains how to distribute a probate estate through probate administration.
_______________________________________________________________
(833) PROBATE

https://www.TheProbatePro.com

Facebook:   / theprobatepro  
LinkedIn:   / theprobateproplc  
Instagram:   / theprobatepro  
Twitter:   / the_probatepro  
_________________________________________________________________
Addresses:

Michigan Office:
414 W. Fifth Street
Royal Oak, Michigan 48067

Illinois Office:
1525 East 53rd Street, Ste 439
Chicago, Illinois 60615

Florida Office:
941 West Morse Blvd., Suite 100
Winter Park, Florida 32789

Please Call (833) PROBATE
_________________________________________________________________
Legal Disclaimer:
This video is for educational purposes only and is not to be considered legal advice. The Probate Pro, PLC, QuietTitle.com and any other entities of The Darren Findling Law Firm, PLC do not claim to be an “expert” or “specialist” in their legal practice areas.

You've got a probate estate opened in Michigan but you don't know how to fully administer the estate including paying the creditors’ settling all the debts paying all the exemptions allowances administrative expenses and so on. Hi I'm, Darren Findling of The Probate Pro and we're going to walk you through the steps relating to the administration specifically in that highlighted area in this video slide that includes settling and resolving debt as well as distributing the assets if you've got questions relating to other areas of this particular slide please contact my office we'll walk you through it or watch other videos that we've produced that explain all the steps of the probate administration process let's get at the conclusion when you're when you've liquidated all the estate assets and you're ready to distribute we do what's called a summary of administration also known as a final account within this it is a kind of a recapitulation of everything that has occurred and everything that's about to occur between to close out or conclude the administration of the estate first we're going to start with the inventory value that's the inventory that was filed or presented to the probate court that identified what these assets are owned in their name at the time of death then any income that has been received would be reflected and of course any expenses that have been incurred then we look at reimbursing for any costs or filing fees the statute 700 point 3 805 at provides that those administrative expenses get reversed next lawyer fees legal fees as well as administrative expenses that could include fiduciary fees imagine the lawyers or the laws and the lawyers made sure that they got paid in a probate administration at the top of the prioritization there's a payment of an inventory fee that is owed to the probate court is based on the gross value there numbers that you're allowed to reduce that value by including recorded liens or mortgages or encumbrances on the property that inventory fee is done or calculated through an inventory calculator that many of the courts will provide you or on my website we provided free of charge to access to calculate the inventory the next step is to reimburse funeral burial cremation related services that's specified under 700 point 3 805 subsection B these are reasonable expenses and of course the term reasonable can really be dependent upon who you ask some funerals are quite inexpensive and I've seen some that are really expensive in which the court found that the amount requested was just simply not reasonable flying family members in from out of town things like that the next are what we call the homestead allowance this is specified under 700 point 3 400 or to 402 this specific allowance allows for certain homestead related expenses that are needed the benefit of the surviving spouse and the family the next one is with the family allowance and this allowance can be quite large to allow the decedent's minor children and spouse to receive money during the administration of the estate and to receive that money in priority of all other related creditors that may be involved in the estate now these specific allowances and the exempt property were to speak up in a moment these particular and exemptions are quantified within the probate statute of epic there's a table and it's dependent upon the year upon which that individual died you can use that table to identify how much the allowances and or exemptions are to be provided for the various family members and whether someone qualifies to receive and allowance or exemption but let's use a classic example the decedent dies with $50,000 in a bank account but they owe a million dollars to various creditors to collection entities visa