When estate planning, one of the first things a testator (someone who drafts a will) thinks about is the type of will to draft. Testators in Michigan have three primary types of wills to choose from – a handwritten, formal or statutory will. They are equally valid.
Here is what to know about each:
Handwritten will
A handwritten or holographic will is a will written entirely in the testator’s own handwriting. It does not require to be witnessed. Nonetheless, it must be dated, signed by the testator and state who gets what property. The testator should make it clear in the document that they intend for it to serve as their last will and testament.
Formal will
This type of will must be in writing (can be typewritten), signed by the testator and witnessed by at least two people.
The witnesses cannot be beneficiaries named in the will. Additionally, they must sign the will within a reasonable time after the testator signs it or acknowledges that the signature on the will is their own or that the document is their will. Whether the witnesses sign the will on the same occasion as the testator or soon after, the requirement is that they sign in the presence of the testator and in each other’s presence.
A testator can write a formal will, or someone else can write it in the testator’s name in the testator’s conscious presence and by their direction.
Statutory will
Michigan has a statutory will form, which residents can use for estate planning by completing it. This is a simple way to draft an estate plan, but it allows limited choice.
The right type of will to choose depends on the size of your estate and your wishes. Learn more about each of them to make an informed decision.