How to access a minor inheritance? The Probate Pro recently met with a grief stricken family. The family had driven from out of state to bury their brother who had died in Michigan. Prior to my meeting, the family met with a Detroit area funeral home. Because of the family’s economic situation they had insufficient funds to pay for their brother’s funeral and burial.

Use of Minor Inheritance Funds

However, the family was aware of a life insurance policy held by the decedent that could be assigned to the funeral home to pay for the cost. The problem was that the policy beneficiary was the decedent’s 9 year old son.  Since the beneficiary was a minor, it was impermissible to assign his beneficiary interest to the funeral home.

The Probate Pro was retained to represent the interest of the family to petition the probate court to access the inheritance of a minor. A petition was filed and a guardian ad litem appointed. Ultimately, the probate court entered an order authorizing the minor’s estate to utilize a portion of the minor’s life insurance proceeds to the pay for the burial of his father. The family was appreciative of my firm’s efforts and content to know that he was buried with dignity.

 

The Petition for Use of Funds form is no different. The Petition for Use of Funds form relates to MCL 700.5427, which states:

 Subject to the restrictions in section 5407(3), at the time of appointment or later, the court may confer on a conservator, in addition to the powers conferred by sections 5423 to 5426, any power that the court itself could exercise under section 5407(2)(b) and (c). At the time of appointment or later, the court may limit the powers of a conservator otherwise conferred by sections 5423 to 5426 or previously conferred by the court, and may at any time remove or modify a limitation. If the court limits a power conferred on the conservator by sections 5423 to 5426 or specifies, as provided in section 5419(1), that title to some, but not all, of the protected individual’s property vests in the conservator, the limitation or specification of property subject to the conservatorship shall be endorsed upon the letters of appointment.

Questions about accessing a minor’s funds through the probate court? Questions about anything probate related?

Call The Probate Pro at (833) PROBATE.