No one likes to think about life’s inevitability: death. However, everyone wants to make sure their needs are covered and wishes are carried out when life’s inevitability occurs. Martin Foldie Law can help you ensure that your interests are protected and carried out should the worst happen. Our task is to ensure all of your assets are properly accounted for by tailoring each will to individual client needs. While a free, online will seems like an quick and easy solution, you run the risk of it not holding up in a legal setting. If this happens, your final wishes may not be carried out and your belongings may be turned over to the State. In order to ensure your legacy is protected, a will written by an attorney and properly witnessed is the best possible option.
Type of Wills
Choosing the type of will that works best for your needs and current assets is important. Is it important for you and your spouse to have joint wills, or does an individual will suit your needs better? Let Martin Foldie Law Law help you discern the best option that meets your unique needs.
There are several different types of wills, each with their own subsections.
- Simple: These are the most basic type of will and cover simple estates and uncomplicated needs. While this seems like the easiest route, few states recognize their legal validity.
- Pour-Over: These wills are most commonly used alongside living trusts to delegate any left over property into the trust.
- Holographic: These are formed without presence of a witness and hold little validity in over half of the country. These wills are typically crafted at the last moment of life.
- Reciprocal: While these are individual wills, both spouses leave everything to each other. These wills can be adjusted after the death of one spouse.
- Joint: This is one will formed by two individual people. Unlike a reciprocal will, a joint will cannot be changed after the death of one of the individuals in the will.
- Oral: This will is spoken and presented in front of witness.
- Nuncupative: These are oral wills that were delivered in front of at least 2 witnesses.
Michigan Will Specifications
Each state has specific requirements and laws that wills must adhere to. Michigan is no different.
In order to form a will in Michigan, the individual must be at least 18 years of age and be of sound mind. Michigan wills must be written, signed, and witnessed by at least two individuals, not including the attorney and the person for whom the will is formed.
Property distribution plays a major role in forming a will. However, the state of Michigan exempts several major types of distribution.
- Homestead allowance, which a surviving spouse or family member is entitled to $15,000.
- Family allowance, which a surviving family is granted $18,000 to be distributed in small increments over a set course of time.
- Exempt property, which entitles a surviving spouse or family member to any personal effects valued at up to $10,000.
- Elective share, which states that a surviving spouse received half of the value of the property.
- Dower rights, which grants a surviving spouse one-third of the lifetime interest of the property.