Full question:
My Mother has terminal lung cancer and has put a will together with me as the executor of her estate. There is only a home involved that is worth approx. $115,000 although $50,000 is owed on the home. Mother's wishes would be that her home is sold and all belongings and divided amongst the 6- children. My question is, in Michigan should there be a quit claim deed completed? And should it be in the Executor's name only or all 6-children? Also, what type of Michigan tax is involved in this situation or federal tax? The total estate value will be approx.$75,000.
- Category: Wills and Estates
- Date:
- State: Michigan
Answer:
There will be no federal estate tax on an estate valued at $75,000. When your mother passes, the will goes through probate, and the executor typically signs the deed to the buyer. Many wills grant the executor the authority to sell the property without needing a court order. If the will does not provide this power, a court order may be required. Probate should be straightforward in this case. If you have concerns about transferring the home now or after her death, consider discussing options with an attorney.
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