Legal Question in Wills and Trusts in Michigan
Question on real estate trust agreements
My mom has a recent will and a real estate trust agreement (created 2004). She has very little in the bank but owns her condo est. value $110K (free and clear).
The real estate trust names her adult children equally as heirs with me as executor.
Will her estate go through probate and will we have to pay estates taxes on the disbursements?
Thank you.
--name removed--Schneider, executor
1 Answer from Attorneys
Re: Question on real estate trust agreements
There will only be a probate estate if you start one. Probate is necessary if there are any assets that are not joint and do not automatically pass to someone else upon her death. It does not sound like there will be any estate taxes due based on the value of the assets you have provided.
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