FREE MICHIGAN LAST WILL AND TESTAMENT

 


 

What is a Last Will and Testament

 

A Michigan Last Will and Testament, when prepared and executed properly by a person who is an adult of sound mind with legal responsibility for his- or herself, is a formal document that specifies how their assets or estate will be managed and distributed after their death. The person who dies is formally referred to as the decedent. If the decedent has minor children, the Last Will and Testament may also be used to designate who they want to care for their children and who they wish to handle their childrenís inheritance/finances until each child comes of age (usually 18, but you can designate a different age) to handle their finances on their own.

In a Last Will and Testament, the decedent usually also names a personal representativeóor co-personal representatives (two or more persons acting together in this capacity)óto manage the matters of the estate. The personal representative is the person who gathers all of the information about the decedentís debts and assets, pays outstanding debts using the assets on behalf of the estate, and ensures that the decedentís property is distributed as specified in the Will, so this is a job with a lot of responsibility, and the personal representative selected is usually someone the decedent really trusts to follow through on the details and with his or her wishes.

If a person dies without having a valid Last Will and Testament (which usuallyóin most statesómeans it must be properly witnessed, as wellónot just signed), someone will usually be appointed by the court to be the personal representative and will pay the decedentís debts, liquidizing assets as necessary to do so. Then the remaining assets will be distributed among the decedentís heirs according to the laws of the state the decedent lived in.

In some states, if one spouse dies leaving behind a husband or wife, that living spouse will inherit all of the decedentís property in the absence of a Last Will and Testament stating to the contrary. In other cases, the decedent may have specified a particular beneficiary to inherit a life insurance policy, retirement account, or other asset, and that beneficiary designation will dictate who receives those assets in the absence of a Michigan Last Will and Testament.

The important thing to note is that anyone who wishes to designate how their assets will be distributed after their death should prepare and properly execute a Last Will and Testament to ensure their wishes are known and honored. If they donít, they may be leaving it up to chance, the laws of the state in which they reside at the time of their death, or a court of law as to how their final affairs will be settled.  Michigan free information on last will and testament forms.

Last Will Papers Michigan

In this article, we will provide you with all the information concerning the last will in Michigan. You will learn what this document is, why it is important, and how to fulfill local requirements. As well as the majority of states, Michigan has some special laws and regulations that you should be aware of.

So, what is the Last Will?

In Michigan, you can bequeath your property to your spouse, children, other relatives, and even pets. If you are willing to give some of your capital to a particular person, it will be highly important to write all your wishes in one official form.

Do not confuse the last will with a living will. The first one is used to distribute all your money and properties after your death, while the second one is needed in case you will become incapable of distributing your belongings yourself.

According to the local laws of Michigan, a person is not obliged to provide the last will. However, if they do not do so, all their properties will be distributed depending on the laws of intestacy. Since the result of such a distribution might not be suitable for everyone, it is better to prepare your personal last will.

In Michigan, it is possible to give a property directly to someone, but a testator can also bequeath something valuable in the form of a gift or a trust. In addition, a person might want to choose a legal guardian for their children.

Essential Requirements for a Testator in Michigan

  1. A person should be at least 18 years old;

  2. A testator should be sane and capable of making a decision;

  3. A testator needs to put their signature on the last will;

  4. At least two persons must be witnesses of a testator signing the last will;

  5. A testator should complete their last will in a written form;

  6. There are no restrictions concerning to whom a testator can bequeath their property.

Important Michigan Exceptions

Everyone who is considering making their last will should keep in mind some exceptions concerning types of property that can be distributed between testatorís loved ones. The most popular cases are the following:

  • The family of a testator has an opportunity to be given an allowance. The whole sum for one year cannot be more than 18,000 dollars. It can be given once a year or each month;

  • A spouse of a testator or their children have a right to be given a homestead allowance (the sum is 15,000 dollars);

  • A spouse of a testator or their children is given some appliances, furniture, and autos. The value of all these properties cannot be more than 10,000 dollars;

  • A widow has a right to own the third part of all her husbandís capital that he had during the time they were married. This right is lifetime and, therefore, is not restricted;

  • A spouse is given half of the sum that would be given if a testator died without the last will.

Is it Possible to Change the Last Will in Michigan?

It is possible to include some changes in the form whenever a testator wants. It is an official procedure, too. The last will can be changed by codicil.

How to Revoke the Last Will in Michigan?

If you have changed your mind because of some personal circumstances, it is possible to cancel the last will by canceling it or simply making a new one instead of it.



 

 

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