Michigan Wills
Posted by Priscilla
When a person dies and he/she has property, money or children, it is important that those precious assets or people be protected by a will in the State of Michigan.
A will is a legal document created to distribute property (estate) after death. Things that are found in an estate include: assets and property such as bank accounts, homes, land, furniture, automobiles, and securities (stocks and bonds). Michigan laws allow you to dispose of your property as you wish.
In Michigan a will is designed to protect the assets of the testator (will maker) by providing proper distribution of property, assets and even guardianship of loved ones. First, the will must be in writing. Second, the testator must be at least 18 years old when creating their will. Third, the will must be signed by the testator, or a valid representative. Fourth, there must be two signatures from witnesses to validate the will.
Sometimes people die without a will. This is called “intestate”. If a person dies intestate then their property will be distributed according to Michigan law. The spouse is entitled to claim $50,000 of the property value, along with ½ of the estate. The children share the remaining half of the estate in equal amounts. The state will appoint someone (unknown to the family) to administer the estate. By all means, make sure there is a will in place, even if there is a small amount or property.
When the testator dies, the will goes to probate to prove its validity. The will must be heard in probate court within 5 years of the death of the testator. Within 9 months of the death of the testator, Federal Estate Taxes must be filed with the State of Michigan. If there are any taxes, then they will be paid accordingly. There are a few allowances that are allowed per Michigan law including a homestead allowance, family allowance and exempt property. For more information consult the legal statues for the specific amounts detailed under these exemptions.
One last thing – wills can be revoked and changed. The testator can change the will at anytime or revoke the will in part or whole. When another will is presented it revokes the previous will. Also if the will is destroyed by the testator then the will is revoked and a new will must be presented.
Michigan law does not require a person to have a will but it is a good idea considering the law and the required distribution of assets.
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