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What is a simple will?

On Behalf of | Nov 5, 2020 | Estate Planning

Many Americans think that estate planning does not need to be a focus until one is nearing retirement. However, in reality, you can die at any age no matter how healthy you are.

For this reason, young people need to have wills in place as well. However, it is not likely that an individual in his or her 30s will need as comprehensive of an estate plan as persons in their 80s. According to FindLaw, a simple will is a good choice for younger individuals who only need the very basics in their estate plan.

What can a simple will handle?

Simple wills work best for people under the age of 50 who have comparatively small estates. Particularly if you have children, having a simple will is vital. A simple will allows you to name a guardian for your children if you (or your spouse) die or experience incapacitation.

With a simple will, you can also stipulate an executor to guide your estate through probate. Yes, even simple wills go through probate, but it is likely that an estate small enough for a simple will to suffice will go through probate quickly.

What are the limitations of a simple will?

If the government will subject your estate to taxes after you die, you will not be able to use a simple will to manage this. Additionally, simple wills cannot help you manage your assets after death.

For example, if you would like to create trust funds for your children or grandchildren you will need a more complex estate plan. However, for younger person’s with fewer assets, a simple will is a must.