Structure
The Michigan PC 584 form, known as the Account of Fiduciary, Long Form, plays a crucial role in the probate process by providing a detailed accounting of a fiduciary's management of an estate. This form is used primarily by personal representatives, guardians, or conservators to report financial activities related to the estate over a specified period, which cannot exceed twelve months. It includes a summary section where fiduciaries must report the balance on hand, total income received during the accounting period, and any disbursements made. Detailed schedules accompany the summary, allowing for itemization of income, expenses, and any gains or losses from the disposition of assets. Additionally, fiduciaries are required to provide information about their fees and any attorney fees incurred during the accounting period. The form also emphasizes the importance of transparency, as it mandates the disclosure of interested persons and their representatives, ensuring that all parties are informed of the financial status of the estate. Notably, if the fiduciary does not file this account with the court, it must still be prepared accurately to maintain accountability. The PC 584 form thus serves as a vital tool for maintaining trust and clarity in the management of estates in Michigan.
Form Example
Document Specs
| Fact Name | Description |
|---|---|
| Form Title | The form is titled "Account of Fiduciary, Long Form" and is designated as PC 584. |
| Governing Laws | This form is governed by several Michigan laws, including MCL 330.1631, MCL 700.3703(4), and MCL 700.5418. |
| Purpose | The form is used to provide an accounting of a fiduciary's management of an estate over a specified period. |
| Submission Frequency | The form can be submitted as an annual, final, or interim accounting. |
| Income Reporting | Fiduciaries must report all income received during the accounting period in Schedule A. |
| Disbursement Reporting | Schedule B requires detailed reporting of all expenses and disbursements made during the accounting period. |
| Verification Requirement | For guardianships and conservatorships, financial institution statements or verification of funds must be provided to the court. |
| Objection Process | Interested persons can file a written objection to the account with the court, subject to a $20 filing fee. |
Fill out Common Templates
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