How is the value of an intestate estate determined?

The value of an intestate estate in Michigan is determined by a few of different factors. First, assets that are owned solely by the deceased, known as “separate property” is part of the estate and its value can be easily determined. The value of joint property may be determined by looking at the title of ownership. Any jointly owned assets that do not list the decedent as the sole owner, such as real estate or financial accounts, usually require court approval to be included in the estate. In addition, the value of the estate includes any debts owed. These are liabilities that the decedent was responsible for before they passed away. The executor of the estate will need to take actions to settle any debts and have them paid out of the total value of the estate. Lastly, the estate may also be given a value based on the amount of interest it would earn from investments over a period of time. This calculation is typically used to determine the value of personal property, such as household items or collectibles, that cannot be sold easily. To sum it up, the value of an intestate estate in Michigan is determined by looking at the assets that are owned solely by the decedent as well as any debts and any investments that would generate a return. The executor of the estate is responsible for settling all debts and ensuring that the estate is valued properly.

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How is the value of an intestate estate determined?

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