Legal Question in Wills and Trusts in Michigan
Probate & Estate Inventory
Why would a loan secured by real property, such as an equity loan, be considered part of the estate inventory?
I understand that the loan is part of the estate, but why the inventory?
In accounting terms, wouldn't the real property be considered an asset, while the loan is a liability?
Also the inventory filing fee is based on the monetary total of the inventory.
1 Answer from Attorneys
Re: Probate & Estate Inventory
The Inventory Form used in Michigan is pc577. The form includes instructions for completion, which instruct the user to include the legal description of the property and if the property was used to secure a loan, the nature and the amount of the lien. In this way, the fee can be most accurate because it will not only have an appraised value of the property, but the amount of any lien against it.
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