Preparation of Wills in Michigan

Creating a Michigan Will is a significant step in determining the proper distribution of assets after the death of an individual. A Michigan Will guarantees proper inheritance of the estate by the deceased’s children, spouse, other family members, and pets (if any). Below provided is a roadmap for preparing wills in the state of Michigan.

Requirements

Creating a Michigan Will is a significant step in determining the proper distribution of assets after the death of an individual. A Michigan Will guarantees proper inheritance of the estate by the deceased’s children, spouse, other family members, and pets (if any). Below provided is a roadmap for preparing wills in the state of Michigan.

1. In order to prepare a will in Michigan, the testator (person making the will) must be at least 18 years old and of sound mental condition.
2. The will must be signed by the testator or in the testator’s name by someone else in the testator’s presence and direction.
3. For sound statutory authority, the will must be signed by at least two witnesses.
4. A Michigan Will must be in writing form in order to be valid.
5. A Michigan Will has the right to choose any person as beneficiary.

Purposes

Purposes of a Michigan Will are as follow:

Distribution of Property:The basic purpose that a Michigan Will serves is that determining how your property will be dispersed after your death.

Other Purposes of a Will: A Michigan Will can also nominate an individual as guardian for your minor children.

Fewer exceptions: There are few exceptions to the ability to distribute property.

However, there are some noteworthy exceptions of a will to the ability to distribute property. Jointly owned property with the rights of survivorship automatically passes onto the survivor.

Apart from just distribution of the estate of the decedent, a Michigan will also serves purposes like homestead allowance, family allowance, exempt property, and pet care initiative.

Changing and Revoking of Michigan Wills

Changing a Will: A Michigan will can be changed whenever the testator desires. This can be done by a codicil, which is an additional document to the original will and states additions or changes.

Revoking a will: A Michigan will or part of a will can either be revoked by one of the following acts:

1. Implementation of a subsequent will that revokes the previous one or part of the previous will.
2. Intentional revocation (burning, tearing, canceling, obliterating, or destroying) of the will by the testator and chiefly for the purpose of revoking the will or part of the will.

Probate and Estate Taxes

Probate: The chief goal of probate is to prove the statutory validity of a Michigan Will. Michigan law allows two ways for probate proceedings. These are informal proceedings and formal proceedings.

Estate taxes: Estate taxes are paid after the death of the testator. As per Michigan law, the estate then becomes a new taxpayer and a personal representative becomes completely responsible for filing tax returns of the estate.

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.