Michigan Statutory Will (Page 6 of 6) in pdf

DEFINITIONS

The following definitions and rules of construction apply to this Michigan statutory will:

(a) “Assets” means all types of property you can own, such as real estate, stocks and bonds, bank accounts,

business interests, furniture, and automobiles.

(b) “Descendants” means your children, grandchildren, and their descendants.

adopted, and individuals born out of wedlock who would inherit if their parent died without a will.

(d) “Jointly held assets” means those assets to which ownership is transferred automatically upon the death

of 1 of the owners to the remaining owner or owners.

(e) “Spouse” means your husband or wife at the time you sign this will.

(f) Whenever a distribution under a Michigan statutory will is to be made to an individual's descendants,

the assets are to be divided into as many equal shares as there are then living descendants of the nearest

degree of living descendants and deceased descendants of that same degree who leave living descendants.

Each living descendant of the nearest degree shall receive 1 share. The remaining shares, if any, are

combined and then divided in the same manner among the surviving descendants of the deceased

descendants as if the surviving descendants who were allocated a share and their surviving descendants had

predeceased the descendant. In this manner, all descendants who are in the same generation will take an

equal share.

(g) “Heirs” means those persons who would have received your assets if you had died without a will,

domiciled in Michigan, under the laws that are then in effect.

(h) “Person” includes individuals and institutions.

(i) Plural and singular words include each other, where appropriate.

(j) If a Michigan statutory will states that a person shall perform an act, the person is required to perform

that act. If a Michigan statutory will states that a person may do an act, the person's decision to do or not to

do the act shall be made in good faith exercise of the person's powers.

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 funds are 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.

2. The personal representative may distribute estate assets otherwise distributable to a minor beneficiary to

the minor's conservator or, in amounts not exceeding $5,000.00 per year, either to the minor, if married; to

a parent or another adult with whom the minor resides and who has the care, custody, or control of the

minor; or to the guardian. The personal representative is free of liability and is discharged from further

accountability for distributing assets in compliance with the provisions of this paragraph.

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.

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Michigan Statutory Will Page 6