Statutory Wills in Michigan
What is a Michigan Statutory Will?
A Michigan Statutory Will is a very specific legal document proscribed by Michigan law at MCLA 700.2519. This will limits disposition of assets and dictates what percentage and to whom assets may be left. A Michigan Statutory Will is not for everyone. Other types of wills exist and are equally valid if done precisely in accordance with the law.
What are some of of the things I can accomplish through a Statutory Will?
- You can leave up to two cash gifts of any amount to people or charities.
- You can write a list of personal and household items and name the person or entity to receive each item.
- You can ensure that the rest of your property goes to your spouse. If he or she dies before you, the property is to be distributed equally among your children.
- You can select a personal representative to administer your property.
- You can appoint a guardian and conservator in case you and your spouse both die before your children reach age 18.
What happens if I die without a will?
With certain exceptions, your possessions are distributed according to state law (MCLA 700.2101).
What should I do if a Statutory Will doesn’t meet my needs?
Contact a lawyer with knowledge of estate planning. He or she can draft a will to meet your specific needs.
Does my Statutory Will need to be notarized?
No. It does however preferably need to be witnessed by two, or three, adults who will not receive assets from this will (MCLA 700.2502).
Source: MCLA (Michigan Compiled Laws), January 2005
The information presented here is not intended to be a substitute for legal advice or representation. You should talk with an attorney if you have any questions about how this information applies to your own problem or facts.