How Summafolio formats it
Accountings for Michigan are formatted to the structure of: Michigan account of fiduciary (Form PC 583 structure).
Balance on hand from inventory or last account, income/gain/other receipts (Column 1), expenses/losses/other disbursements (Column 2), balance on hand, and itemized assets, in the structure of SCAO Form PC 583; trust reports include the elements of MCL 700.7814(3).
Sources:
- SCAO Form PC 583
- MCR 5.310(C)
- MCL 700.7814 (trustee reports)
- MCL 555.501 et seq. (principal and income)
Notes:
- PC 583 periods may not exceed 12 months. In conservatorships, financial institution statements or a verification of funds must accompany the account.
The format: SCAO Form PC 583
Michigan's State Court Administrative Office approves the probate court form PC 583, Account of Fiduciary, Short Form (Rev. 1/21). It is used for annual, final and interim accounts, and the form cites MCL 700.3703(4), MCL 700.5418, MCR 5.310(C) and related rules. Each account may cover no more than 12 months.
The structure is a two-column ledger and a balance:
- Column 1: income, gain and other receipts, including investment gain.
- Column 2: expenses, losses and other disbursements, including investment loss.
- Line 2:
- (a) balance on hand from the last account, or the inventory value if this is the first account;
- (b) plus Column 1;
- (c) subtotal;
- (d) minus Column 2;
- (e) balance of assets on hand.
- Item 3: itemized assets remaining at the end of the period, totaling exactly line 2(e).
The fiduciary also states fiduciary fees and attorney fees for the period, each with a written description of services attached, and lists any changes to the interested persons. The form tells you not to put financial account numbers on it; if you need them to tell accounts apart, use form MC 97.
Conservators and guardians
A conservator accounts to the court at least annually unless the court directs otherwise, on resignation or removal, and on termination (MCL 700.5418). A copy goes to the protected individual if they are 14 or older and can be located. PC 583 adds that in guardianships and conservatorships you must present copies of financial institution statements, or file a verification of funds on deposit, dated within 30 days after the end of the accounting period (with an exception under MCR 5.409(C)(4)).
Objections
The form's notice to interested persons explains the process. Outside guardianships and conservatorships, the court doesn't normally review an account unless someone objects. An interested person may review proofs of income and disbursements, and may object in writing before the court allows the account, paying a $20 filing fee (MCR 5.310(C)).
Trustees
A trustee sends a report at least annually and at termination to current distributees and to other beneficiaries who request it, covering trust property, liabilities, receipts and disbursements, the source and amount of the trustee's compensation, and a listing of trust property with market values if feasible (MCL 700.7814(3)). Beneficiaries may waive reports and withdraw the waiver.
Principal and income
Michigan's principal-and-income act is the Uniform Principal and Income Act, 2004 PA 159 (MCL 555.501).
What Summafolio produces
Column 1 and Column 2 itemized and totaled, the line 2 balance, and the item 3 asset listing that ties to it. Accounts are split into periods of 12 months or less, and account numbers are kept off the account. Copy the figures onto PC 583.
Frequently asked questions
My conservatorship ran 18 months before the first account. What now?
PC 583 can't cover more than 12 months, so prepare two accounts.
Where does an investment gain go?
On Column 1. An investment loss goes on Column 2.
Samples and next steps
Other states
- California
- Florida
- New York
- Pennsylvania
- Texas
- Illinois
- Ohio
- Georgia
- North Carolina
- Arizona
- Washington
- New Jersey
- Virginia
- Uniform format