Bill Text: MI HB4410 | 2017-2018 | 99th Legislature | Engrossed
Bill Title: Probate; wills and estates; exempt property; allow decedent to exclude adult child by written instrument. Amends sec. 2404 of 1998 PA 386 (MCL 700.2404).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2018-05-10 - Assigned Pa 143'18 With Immediate Effect [HB4410 Detail]
Download: Michigan-2017-HB4410-Engrossed.html
HB-4410, As Passed House, February 14, 2018
SUBSTITUTE FOR
HOUSE BILL NO. 4410
A bill to amend 1998 PA 386, entitled
"Estates and protected individuals code,"
by amending section 2404 (MCL 700.2404), as amended by 2000 PA 177.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2404. (1) The decedent's surviving spouse is also
entitled to household furniture, automobiles, furnishings,
appliances, and personal effects from the estate up to a value not
to exceed $10,000.00 more than the amount of any security interests
to which the property is subject. If there is no surviving spouse,
the decedent's children who are not excluded under subsection (4)
are entitled jointly to the same value.
(2) If encumbered assets are selected and the value in excess
of security interests, plus that of other exempt property, is less
than $10,000.00, or if there is not $10,000.00 worth of exempt
property in the estate, the spouse or children who are not excluded
under subsection (4) are entitled to other assets of the estate, if
any, to the extent necessary to make up the $10,000.00 value.
Rights to exempt property and assets needed to make up a deficiency
of exempt property have priority over all claims against the
estate, except that the right to assets to make up a deficiency of
exempt property abates as necessary to permit payment of all of the
following in the following order:
(a) Administration costs and expenses.
(b) Reasonable funeral and burial expenses.
(c) Homestead allowance.
(d) Family allowance.
(3) The rights under this section are in addition to a benefit
or share passing to the surviving spouse or children by the
decedent's will, unless otherwise provided, by intestate
succession,
or by elective share. The $10,000.00 amount expressed
described
in this section shall must be
adjusted as provided in
section 1210.
(4) The decedent may exclude 1 or more of the decedent's
children from receiving exempt property or assets to make up a
deficiency of exempt property under subsection (1) by either of the
following means:
(a) The decedent by will expressly states either of the
following:
(i) The child takes nothing.
(ii) The child takes an amount of $10.00 or less from the
estate.
(b) The decedent by will expressly states that the child is
not to receive exempt property under this section.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
