The probate process essentially exists as a default process. Its purpose is to make sure that after your death your assets are transferred to the people whom you intended to receive them after your final bills and expenses of administration are paid. Your will identifies who will be entitled to these assets (the State of Michigan has statutory provisions to determine who should receive your assets if you die without a will). Yours may be a simple will which simply identifies the beneficiaries and the property that you want each beneficiary to receive. Alternatively, if you intend to have your assets held in trust for a period of time after your death, yours may be a pour-over will that names your trust as beneficiary so that all probate assets will be added to your trust.

Not all assets are subject to probate at your death. An asset with a built-in transfer mechanism — such as jointly-held property or property that designates a beneficiary — does not have to go through the probate process. There is no need to have a will to direct to whom such property should be transferred because the transfer mechanism is inherent in the asset.

The probate process is also unnecessary for assets that were titled in the name of your trust before your death. This is because the trust contains the terms necessary to transfer such assets at your death. However, assets that have not been transferred to your trust during your lifetime will have to pass through probate even though your pour over will contains the instructions to transfer such assets to your trust at your death.

Only assets that you own in your name alone, which do not designate a beneficiary, and which are not titled in the name of your trust prior to your death, must go through probate administration. These are the assets that are controlled by your will.

This summary is intended as a source of general information.  If you have questions or desire additional information, please contact Ryan M. Wilson at (517) 377-0897 or rwilson@fraserlawfirm.com.