Jointly owned property: Assets owned jointly with rights of survivorship automatically pass to the surviving owner. This includes bank accounts, real estate and other jointly-held properties, avoiding probate entirely.
Beneficiary designations: Assets like life insurance policies, retirement accounts and payable-on-death (POD) bank accounts are transferred directly to named beneficiaries upon the owner’s death. These assets bypass probate because they are governed by the terms set within each account or policy.
Trust assets: Assets placed in a revocable living trust are not subject to probate. The trust dictates the distribution of its assets, allowing for a smoother and private transition of property to beneficiaries, depending on the trust’s terms.
Transfer-on-death deeds: Real estate can be transferred without probate using a transfer-on-death (TOD) deed. This legal document designates a beneficiary to receive the property upon the owner’s death, similar to how beneficiary designations work for financial accounts.
Motor vehicles: If the value of the vehicle is under a certain limit, Michigan law allows for the transfer of a deceased person’s vehicle without probate. This process requires specific paperwork but is typically straightforward.