Skokie, IL asked in Estate Planning and Probate for Michigan

Q: Parent's bank CD: no beneficiary; no will. I'm only child/heir. What probate forms required? Can CD amt be kept private?

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1 Lawyer Answer
John Joseph Rizzo III
John Joseph Rizzo III
  • Estate Planning Lawyer
  • Traverse City, MI
  • Licensed in Michigan

A: It depends on the size of the CD. If it is below $23,000 you can use a form called PC 598, Affidavit of Decedent's Successor for Delivery of Certain Assets Owned by the Decedent. There is no probate court involvement. Fill out the form, sign it before a notary public, attach the death certificate(s), and give it to the bank. This will keep the process private.

If it is over $23,000, you will need to open a probate estate. Depending on the value and the cost of final expenses you might be able to use the small estate process. Otherwise, you will need to open a traditional probate estate. If you are the only heir and it is only the one asset, legal fees for the estate should be on the lower end of the spectrum.

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