Michigan Probate Court Inventory and Account Form Guide

When someone passes away in Michigan and leaves behind assets, the personal representative has a legal duty to document every penny of the estate. That's where the probate court inventory and account forms come in. These aren't optional paperwork they're court-required documents that protect heirs, beneficiaries, and the personal representative alike. If you skip them, file them late, or fill them out wrong, the probate judge can hold you personally accountable. Getting this right the first time saves you headaches, legal exposure, and delays in closing the estate.

What exactly is the Michigan probate court inventory and account form?

The inventory and account are two separate but related filings required by Michigan probate courts under the Estates and Protected Individuals Code (EPIC). The inventory (form PC 576) is a snapshot of everything the deceased person owned at the time of death real estate, bank accounts, vehicles, personal belongings, life insurance payable to the estate, and any debts owed to the decedent. The account (form PC 583 or PC 584) comes later and shows what happened to those assets during the administration: what was collected, what was spent, what was distributed, and what remains.

Think of the inventory as the "starting point" and the account as the "activity report." Together, they give the court a complete picture of how the estate was handled.

Who is required to file these forms?

Every personal representative (also called executor or administrator) appointed by a Michigan probate court must file an inventory. The requirement applies whether you're administering a formal or supervised estate. If the court has unsupervised administration, you may still need to prepare the inventory and share it with interested parties even if you don't file it directly with the court.

If you're unsure whether a small estate affidavit might work instead of full probate administration, keep in mind that the inventory requirement only applies to estates going through formal probate estates handled under a small estate affidavit avoid this filing altogether.

When does the inventory need to be filed?

Michigan law gives the personal representative 91 days from the date of appointment to file the inventory with the probate court. That clock starts ticking once the court issues Letters of Authority, not from the date of death.

The account is filed at different intervals depending on the type of administration:

Supervised administration: The first account is due within one year of appointment, and subsequent accounts are due annually until the estate is closed.
Unsupervised administration: You typically file a final account when you're ready to close the estate, though interested parties can request interim accounts.

Missing these deadlines can result in court orders, removal as personal representative, or surcharges against you personally. If you need a broader roadmap for the whole process, a printable estate administration checklist can help you track every filing deadline.

What information goes on the inventory form (PC 576)?

The inventory form requires you to list all probate and non-probate assets with their fair market values as of the date of death. Here's what you'll need to document:

Real property: Address, legal description, and fair market value of any homes, land, or rental properties.
Bank accounts: Account numbers, financial institutions, and balances for checking, savings, CDs, and money market accounts held solely in the decedent's name.
Vehicles and titled property: Year, make, model, VIN, and estimated value.
Personal property: Furniture, jewelry, art, collectibles, and household items with meaningful value.
Financial accounts: Stocks, bonds, mutual funds, retirement accounts payable to the estate, and business interests.
Life insurance: Only policies payable to the estate or to the decedent's probate estate not policies with named beneficiaries.
Debts owed to the decedent: Any personal loans or amounts others owe the deceased person.

You also need to list any encumbrances mortgages, liens, and security interests that reduce the net value of specific assets.

Do you list assets that pass outside of probate?

No. Assets with named beneficiaries (like life insurance payable to a specific person, jointly held property with rights of survivorship, or payable-on-death bank accounts) pass outside the probate estate and should not appear on the inventory. This distinction trips up many first-time personal representatives.

How do you value assets for the inventory?

Michigan requires fair market value as of the date of death not the purchase price, not the tax-assessed value, and not a sentimental estimate. For bank accounts, use the exact balance on the date of death. For real estate, a comparative market analysis or recent appraisal works best. For vehicles, check Kelley Blue Book or NADA guides for a reasonable estimate.

For household goods and personal belongings, you only need to itemize items with individual values over $500. Everything else can be grouped under a general "household goods" line with a lump-sum estimate.

What does the account form show that the inventory doesn't?

While the inventory captures a moment in time, the account captures the full financial activity of the estate. It includes:

Receipts: All income collected during the accounting period rent payments, dividends, interest, sale proceeds, and any other money received.
Disbursements: All expenses paid funeral costs, debts of the decedent, taxes, attorney fees, personal representative fees, and administrative expenses.
Distributions: Any assets or money already given to beneficiaries or heirs.
Remaining assets: What's left in the estate at the end of the accounting period.

The account must tie back to the inventory. If the inventory showed $150,000 in a savings account and the account shows you spent $80,000 and distributed $60,000, the remaining balance should match exactly. The math has to work.

What are the most common mistakes on Michigan probate inventory and account forms?

After working through many Michigan probate cases, these errors come up again and again:

Forgetting to list an asset: A forgotten safe deposit box, a small bank account, or an overlooked vehicle can cause problems later when beneficiaries discover the omission.
Using incorrect values: Listing the tax-assessed value of a house instead of fair market value, or using outdated account balances. Courts notice these discrepancies.
Confusing probate and non-probate assets: Including jointly held property or beneficiary-designated accounts on the inventory when they don't belong there.
Mixing up the inventory and the account: Filing an inventory that looks like an accounting of transactions, or filing an account that lists starting values instead of activity.
Math errors: Especially in the account form, where receipts minus disbursements minus distributions should equal the remaining balance. Double-check every column.
Failing to account for changes in value: If you sold real estate for more or less than the inventory value, the account needs to reflect the actual sale price, not the inventory estimate.

A step-by-step walkthrough of Michigan estate administration forms can help you avoid these pitfalls before you file.

Do you need a lawyer to prepare these forms?

Michigan law doesn't technically require you to hire an attorney, but it's strongly recommended in most cases. Here's why: the personal representative is personally liable for errors, omissions, and mismanagement of the estate. If you undervalue an asset, miss a creditor, or distribute funds incorrectly, you can be sued by beneficiaries or creditors.

An experienced probate attorney knows how to properly value assets, identify which items belong on the inventory, and structure the account so it meets court standards. The cost of an attorney is typically paid from estate funds not your own pocket so it rarely makes sense to skip this help.

What happens after you file the inventory?

Once filed, the inventory is reviewed by the probate court and becomes part of the public record. Interested parties beneficiaries, heirs, and creditors can request copies. If someone challenges the accuracy of the inventory, the court may require a hearing or additional documentation.

After the inventory, your focus shifts to administering the estate: paying valid claims, filing tax returns, managing estate assets, and eventually distributing property to the rightful recipients. This is where the account form comes into play as you track every transaction.

If you haven't yet started the probate process, you'll want to begin with the petition for probate form before you can even get to the inventory stage.

Quick checklist for filing your Michigan probate inventory and account

Confirm your appointment date so you know your 91-day inventory deadline.
Gather all financial statements, deeds, titles, and account information as of the date of death.
Separate probate assets from non-probate assets only probate assets go on the inventory.
Obtain fair market values for real estate, vehicles, and high-value personal property.
Complete form PC 576 with itemized assets, values, and encumbrances.
File the inventory with the probate court within 91 days of appointment and send copies to all interested parties.
Keep detailed records of every dollar received and spent during administration.
Complete form PC 583 or PC 584 when the accounting period ends tie every number back to the inventory.
Reconcile all accounts to make sure receipts, disbursements, and distributions add up correctly.
File the account with the court and provide copies to interested parties before seeking final distribution.

Working through a complete estate administration checklist alongside these forms keeps you on track and reduces the chance of overlooking a required filing. Start gathering your documents now the 91-day deadline arrives faster than most people expect.