What are the three types of wills?
March 20, 2020
When preparing your end of life plans, one of the most common documents people create is a will. This document provides a legal record of what you want to happen with your assets after your death. If you do not have a will, a court will decide what happens and follow state law as to inheritances. A will gives you more control and lets you divide your assets in any way you want.
Upon your death, the court will review your will. It must determine that it is legally valid. Michigan.gov explains there are three types of legal wills in the state. You should understand each of them so that you can ensure the will you create will meet the requirements. If the court finds you will invalid, it will then take over distributing your estate.
A statutory will is a form you fill out that has very specific information. This is very easy to create, and since the form includes information, it can help to ensure that you do not forget anything important. However, it does have limitations. Since it is a form with premade entries, it may not include certain things that you need, such as tax planning or providing for multiple heirs.
As the name suggests, a handwritten will is one that you create on your own in your handwriting. You will include any information you feel is relevant. You can write whatever you want in this type of will. You will need to sign and date it at the end of the document.
You may work with a professional to create a formal will. This is typically done on a computer and printed out. You may get guidance from whoever is helping you on what to include in the will. However, you have a lot of freedom in what you want to put in it. This will must have two witness signatures in addition to yours at the end of the document.