I am a stockholder in a Michigan S corporation. It is a small family corporation (2 siblings). The corporation owns timber land and some recreational land. I am a permanent resident of Florida. Upon my death, will my estate have to be probated in Michigan as well as FL ? ( I've read that a person who owns property in another state may have to go thru probate in that state-- but in this case, the corp owns the property) I know a TRUST would eliminate FL probate; would it also eliminate Michigan probate? Thank YOU!
3 Answers from Attorneys
No, since you do not own the real property in Mich.
Just make sure you designate someone to inherit your stock in the corporation. You can do this now by adding a right of survivorship clause (e.g., JTWROS, Joint Tenancy with Right of Survivorship) to the stock. This will avoid probate, even in Florida without a Trust.
All good answers, but I would also suggest you speak to a Michigan attorney.