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What is a statutory will?

Under Michigan law, there are options in the type of will you can create. All wills have to be drawn up according to the law. As explained by the Michigan Legislature, one option is the statutory will. This type of will has limits on what you can do with it. 

You can list your personal items and leave them to whomever you want in the will, but you can only leave two cash gifts. You can, however, detail that your property and belongings go to your spouse and children under the age of 18. You can also use this type of will to appoint a guardian for your children. 

A statutory will is not the best option for complex estates. If you have a lot of assets to leave to multiple people, this type of will will not work. In addition, if your assets are worth enough to require tax planning, then you should go with a different type of will. It is also not a good choice for complex situations, such as if you are in a second marriage and have adult children from a first marriage that you want to leave assets to. You also will need to use a different will option if you own a business. 

This type of will is best for simple situations. If you have a small estate and only want to leave your assets to a couple people, then a statutory will could work. This information is for education and is not legal advice. 

 

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