Michigan Laws 700.2519 – Statutory will
Terms Used In Michigan Laws 700.2519
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: includes , but is not limited to, the following:
MICHIGAN STATUTORY WILL NOTICE |
1. An individual age 18 or older who has sufficient mental capacity may make a will.
INSTRUCTIONS: |
1. To have a Michigan statutory will, you must complete the blanks on the will form. You may do this yourself, or direct someone to do it for you. You must either sign the will or direct someone else to sign it in your name and in your presence.
MICHIGAN STATUTORY WILL OF | ________________________________ | ||
(Print or type your full name) | |||
ARTICLE 1. DECLARATIONS | |||
This is my will and I revoke any prior wills and codicils. I live in ___________________________ County, Michigan. | |||
My spouse is ___________________________________________. | |||
(Insert spouse’s name or write “none”) | |||
My children now living are: | |||
_______________________________ | _______________________________ | ||
_______________________________ | _______________________________ | ||
_______________________________ | _______________________________ | ||
(Insert names or write “none”) | |||
ARTICLE 2. DISPOSITION OF MY ASSETS | |||
2.1 CASH GIFTS TO PERSONS OR CHARITIES. | |||
(Optional) | |||
I can leave no more than 2 cash gifts. I make the following cash gifts to the persons or charities in the amount stated here. Any transfer tax due upon my death shall be paid from the balance of my estate and not from these gifts. Full name and address of person or charity to receive cash gift (name only 1 person or charity here):
____________________________________ |
(Insert name of person or charity) |
____________________________________ |
(Insert address) |
AMOUNT OF GIFT (In figures): $ ________________________________ |
AMOUNT OF GIFT (In words): ____________________________ Dollars |
____________________________________ |
(Your signature) |
Full name and address of person or charity to receive cash gift |
(Name only 1 person or charity): |
____________________________________ |
(Insert name of person or charity) |
____________________________________ |
(Insert address) |
AMOUNT OF GIFT (In figures): $ ________________________________ |
AMOUNT OF GIFT (In words): ____________________________ Dollars |
____________________________________ |
(Your signature) |
2.2 PERSONAL AND HOUSEHOLD ITEMS. |
I may leave a separate list or statement, either in my handwriting or signed by me at the end, regarding gifts of specific books, jewelry, clothing, automobiles, furniture, and other personal and household items.
2.3 ALL OTHER ASSETS. |
I give everything else I own to my spouse. If I am not married at the time I sign this will or if my spouse dies before me, I give these assets to my children and the descendants of any deceased child. If no spouse, children, or descendants of children survive me, I choose 1 of the following distribution clauses by signing my name on the line after that clause. If I sign on both lines, if I fail to sign on either line, or if I am not now married, these assets will go under distribution clause (b).
____________________________________ |
(Your signature) |
(b) All to be distributed to my heirs as if I did not have a will.
____________________________________ |
(Your signature) |
ARTICLE 3. NOMINATIONS OF PERSONAL |
REPRESENTATIVE, GUARDIAN, AND CONSERVATOR |
Personal representatives, guardians, and conservators have a great deal of responsibility. The role of a personal representative is to collect your assets, pay debts and taxes from those assets, and distribute the remaining assets as directed in the will. A guardian is a person who will look after the physical well-being of a child. A conservator is a person who will manage a child’s assets and make payments from those assets for the child’s benefit. Select them carefully. Also, before you select them, ask them whether they are willing and able to serve.
3.1 PERSONAL REPRESENTATIVE. | |
(Name at least 1) | |
I nominate _____________________________________________________ | |
(Insert name of person or eligible financial institution) | |
of _________________________to serve as personal representative. | |
(Insert address) | |
If my first choice does not serve, I nominate __________________ ___________________________________________________________ | |
(Insert name of person or eligible financial institution) | |
of________________________ to serve as personal representative. | |
(Insert address) | |
3.2 GUARDIAN AND CONSERVATOR. |
Your spouse may die before you. Therefore, if you have a child under age 18, name an individual as guardian of the child, and an individual or eligible financial institution as conservator of the child’s assets. The guardian and the conservator may, but need not be, the same person.
If a guardian or conservator is needed for a child of mine, I nominate _________________________________________ | |||||
(Insert name of individual) | |||||
of ____________________________________________ as guardian and | |||||
(Insert address) | |||||
________________________________________________________________ | |||||
(Insert name of individual or eligible financial institution) | |||||
of ____________________________________ to serve as conservator. | |||||
(Insert address) | |||||
If my first choice cannot serve, I nominate ______________________________________________ | |||||
(Insert name of individual) | |||||
of ___________________________________________ as guardian and | |||||
(Insert address) | |||||
________________________________________________________________ | |||||
(Insert name of individual or eligible financial institution) | |||||
of ____________________________________ to serve as conservator. | |||||
(Insert address) | |||||
3.3 BOND. | |||||
A bond is a form of insurance in case your personal representative or a conservator performs improperly and jeopardizes your assets. A bond is not required. You may choose whether you wish to require your personal representative and any conservator to serve with or without bond. Bond premiums would be paid out of your assets. (Select only 1)
____________________________________ |
(Your signature) |
(b) My personal representative and any conservator I have named shall serve without bond.
____________________________________ |
(Your signature) |
3.4 DEFINITIONS AND ADDITIONAL CLAUSES. |
Definitions and additional clauses found at the end of this form are part of this will.
____________________________________ |
(Your signature) |
NOTICE REGARDING WITNESSES |
You must use 2 adults as witnesses. It is preferable to have 3 adult witnesses. All the witnesses must observe you sign the will, have you tell them you signed the will, or have you tell them the will was signed at your direction in your presence.
STATEMENT OF WITNESSES |
We sign below as witnesses, declaring that the individual who is making this will appears to have sufficient mental capacity to make this will and appears to be making this will freely, without duress, fraud, or undue influence, and that the individual making this will acknowledges that the individual has read the will, or has had it read to the individual, and understands the contents of this will.
_____________________________________ | |
(Print Name) | |
_____________________________________ | |
(Signature of witness) | |
_____________________________________ | |
(Address) | |
_________________________________ ______ ______ | |
(City) | (State) (Zip) |
_____________________________________ | |
(Print name) | |
_____________________________________ | |
(Signature of witness) | |
_____________________________________ | |
(Address) | |
_________________________________ ______ ______ | |
(City) | (State) (Zip) |
_____________________________________ | |
(Print name) | |
_____________________________________ | |
(Signature of witness) | |
_____________________________________ | |
(Address) | |
_________________________________ ______ ______ | |
(City) | (State) (Zip) |
DEFINITIONS |
The following definitions and rules of construction apply to this Michigan statutory will:
ADDITIONAL CLAUSES |
Powers of personal representative |
1. A personal representative has all powers of administration given by Michigan law to personal representatives and, to the extent money is not needed to meet debts and expenses currently payable and are not immediately distributable, the power to invest and reinvest the estate from time to time in accordance with the Michigan prudent investor rule. In dividing and distributing the estate, the personal representative may distribute partially or totally in kind, may determine the value of distributions in kind without reference to income tax bases, and may make non-pro rata distributions.
POWERS OF GUARDIAN AND CONSERVATOR |
A guardian named in this will has the same authority with respect to the child as a parent having legal custody would have. A conservator named in this will has all of the powers conferred by law.