Wills and Testaments
Creating a will allows individuals to have a say in how their assets are distributed and their affairs are managed after their death. A Will is only effective to transfer certain property and may still require probate to fully distribute your estate. While a will is a crucial component of an estate plan, it may not cover every aspect of your necessary to protect your wishes. Other documents, such as trusts, powers of attorney, and healthcare directives, may be needed to create a comprehensive estate plan that addresses various scenarios and wishes.
Remember, the information provided here is general and not a substitute for professional legal advice. For personalized guidance on creating a will in Michigan, contact our experienced estate planning attorneys at Thompson Legal. We are here to help you navigate the complexities of estate planning and ensure your wishes are documented effectively.
A will, also known as a last will and testament, is a legal document that outlines an individual's wishes regarding the distribution of their assets, care of their minor children, and other matters after their passing.
A last will and testament serves many important purposes such as detailing the distribution of any assets, who should be appointed as Personal Representative, who should serve as a guardian for any minor children, how funerial and burial proceedings should be handled, and how debts and taxes should be accounted for. It's important to note that for a will to be valid, it must usually meet certain strict legal requirements, such as being in writing, or signed by the testator (the person making the will) and witnessed by individuals who are not beneficiaries under the will. The specific requirements can vary by type of will used.
Types of Wills:
Holographic Will: A holographic will is a handwritten will entirely written, dated, and signed by the testator (the person making the will). It does not require witness signatures. To be a valid holographic the document must have material portions in the testator's handwriting and show their intent to dispose of their property.
Statutory Will: A statutory will is a fill-in-the-blank form provided by the State of Michigan. It is a standardized document that simplifies the will-making process for those who have simple estate plans.
Formal Will: A formal will is a written document that outlines the testator's wishes regarding the distribution of assets and appointment of a personal representative. A formal will must be in writing, signed by the testator, and witnessed by at least two competent individuals who do not stand to inherit under the will.
Self-Proved Will: A self-proved will is a formal will with an attached affidavit that is signed by the testator and witnesses, typically in the presence of a notary public. This affidavit simplifies the probate process.
Writing Intended as a Will: In some cases, a writing that fails to meet required formalities will be recognized as a valid will if it can be proven that the document reflects the testator's intent to dispose of their property. To establish a writing as a valid will, evidence must be presented to the court demonstrating the testator's intent and the authenticity of the document.
Living Will: Living wills are meant to govern your wishes in the event of incapacity or death, but are technically not recognized in Michigan. Instead, it is recommended to have appropriate Patient Advocates Designations and Advanced Care Directives in place.
FAQs about Wills in Michigan
What is a Will, and Why Do I Need One?
A will, or last will and testament, is a legal document that outlines your wishes regarding the distribution of your assets, the care of your minor children, and other matters after your death. Having a will is crucial to ensure that your wishes are honored and your estate is handled according to your preferences.
Who Needs a Will in Michigan?
Everyone, regardless of age or financial status, can benefit from having a will. Whether you have significant assets or just a few possessions, a will allows you to specify how you want your property to be distributed and ensures your loved ones are taken care of according to your wishes.
What Happens if I Die Without a Will in Michigan?
If you pass away without a will, your assets will be distributed according to Michigan's intestacy laws, which may not align with your preferences. Information about the assets in your estate, their values, and estate beneficiaries will be published on public record. Additionally, the court will appoint an administrator to handle your estate, and decisions regarding guardianship for minor children may be left to the court's discretion.
Can I Write My Own Will?
While it is possible to create a basic will without legal assistance, working with an experienced estate planning attorney ensures that your will is legally sound, addresses all necessary considerations, and minimizes the risk of potential challenges.
What Information Should I Include in My Will?
Your will should clearly identify your beneficiaries, specify how your assets are to be distributed, name an executor to manage your estate, and, if applicable, designate a guardian for your minor children. It's important to provide specific details to avoid confusion and ensure your intentions are carried out. If you have any specific requests related to your funerial or burial, you can include them in your Will.
How Can I Change My Will?
You can update or amend your will through a legal document known as a codicil. Alternatively, you can create a new will that explicitly revokes any previous versions. It's advisable to review and update your will periodically or after significant life events, such as marriage, divorce, or the birth of children.
Should I amend my Will?
You can update your will through a codicil, or explicitly revoke any previous versions in a new Will. If the changes to your estate plan are simple, a codicil can easily accomplish your goals. If, however, there is a chance that the prior document could lead to litigation, it’s best to explicitly revoke and reestablish a new Will.
Can I Appoint a Guardian for My Minor Children in My Will?
Yes, your will is the appropriate place to nominate a guardian for your minor children in the event of your death. While the court will ultimately decide based on the best interests of the children, your nomination carries significant weight.
What is a Self-Proved Will, and Is It Necessary?
A self-proved will is a formal will with an attached affidavit that is signed by the testator and witnesses in the presence of a notary public. While not required, a self-proved will can simplify the probate process by confirming the authenticity of the signatures without requiring witness testimony.
How Often Should I Review My Will?
It's advisable to review your will periodically, especially after major life events such as marriage, divorce, the birth of children, or changes in financial circumstances. Regular reviews, typically every 5-10 years, ensure that your will remains current and accurately reflects your wishes.
How Does Having an Attorney Benefit My Will?
Having an experienced estate planning attorney guide you through the process of creating or updating your will ensures that your will is legally sound and tailored to your unique circumstances. No family is the same, so a “one size fits all” estate plan can likely lead to costly and time-consuming errors. We provide personalized advice, address your specific concerns, and ensure that you leave feeling secure in your estate plan.
Please note that this FAQ is intended as a general guideline and should not be considered legal advice. If you have specific questions or need legal assistance related to wills, it is advisable to consult with an experienced estate planning attorney who specializes in wills.
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Understanding Michigan's Statutory Will Requirements
In Michigan, one option that simplifies the process is a Statutory Will. This legal document offers a straightforward way to express your final wishes without the complexities of drafting a custom will.
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