co trustee in MI

[Cathy D.]

What is the name of your state? Mich.
I'm back again with the following question: Mom died 3 weeks ago, The house is in trust to myself and my sister, with she and my husband as co-executers. Mom's attourney who drew up the will/trust has stated that the estate must advertise for 120 days for any creditors that might hav something owed to them against the estate. My sister says that she talked to some attourneys and that is hogwash. I talked to mom's attourney and he states it is not hogwash, it's the law, and my husband should not sign any papers to put the house up for sale until the 120 days is completed.
I talked to our attourney who said we can list the house for sale with a contingency in the paperwork that if any creditors speak up , we the sellers will be responsible for any debts owed by the estate. He said something about having to post a bond before probate court in the amount that we are selling the house for . He says that it is a surety so that the buyers won't get stuck with any bills that may be held against the estate.
Help,.............who's right?

 

[Dandy Don]

It sounds like your attorney gave you the most reasonable advice that is also the most beneficial in saving time for you. Since it is unlikely that a Michigan attorney would be reading this message board, you need to ask your attorney (or any of the others) to prove what he is saying by citing the specific law that explains about the 120 day rule.

Is the house mentioned in the will or in the trust or in both?

 

[Cathy D.]

Well, the house is mentioned in both the will and in the trust. Since my last posting both my sister and I have put in phone calls to different estate lawyers. We have talked to 4 estate lawyers in all and they have all said the same thing. They didn't understand why we would even have to post an add in the business news for 120 days, mom had zero creditors, and the house is all paid for. We have decided that when we have a buyer we will simply include in the paperwork that if anything comes up on the title seach etc., we the sellers will take care of the situation .