The low percentage of adults in the US who have a Will in place is one of the most startling statistics of recent years. Sadly, and surprisingly, the ratio still stands at 30% with a Will and 70% without one. Most believe they do not have enough possessions to pass down and are not worth making a will.
However, a Simple will can be a practical solution if you believe you possess too little to leave behind. As the name suggests, a Simple will is the most basic form of a Will or Testament. Let us delve deeper into how to create a simple will and its functions.
Explaining: Simple will
One of the most fundamental aspects of estate planning is writing a Will. A Simple Will allows you to legally specify your wishes and instructions about distributing your assets among your family members or next kin after your demise.
The fact that simple wills are best for someone with modest or uncomplicated estates sets them apart from their other, more thorough equivalents. For instance, if you are young and have significantly fewer assets to leave behind, you can opt for a Simple Will rather than selecting a complicated one.
Consider a scenario where a married couple wishes to leave their assets to one another or, if they pass away together, to their children in equal portions. Additionally, they want to designate a personal guardian for their minor children. In such cases, drafting a Simple Will for married couple is enough without hiring an expensive attorney.
It will identify who will inherit your assets upon your passing, i.e., your beneficiaries. If your first named beneficiaries pass away before you, it should name substitute beneficiaries who will get your acquisitions.
It’s also important to understand that a simple Will must go through the probate process after your demise. Therefore, before your heirs receive their inheritance, your estate must go through legal procedures and tax regulations.
Furthermore, if you become incapacitated and require immediate medical care, it cannot specify your future healthcare decisions.
What Makes a Simple Will Valid?
- Age of the testator
- Mental Capacity
- Signatures, Witnesses, and Notarization
What to include in simple will?
- Include your asset distribution
- Name an executor of your estate
- Add beneficiaries
- Name a legal guardian for your minor children
How much does a simple will cost?
A simple will cost depends entirely on the medium you choose to create it. You may select a Simple will free service online or seek professional help. Below is a list of different ways of drafting a will and its cost.
- Writing a Simple Will yourself
The traditional Do-It-Yourself process is a better option when making a simple will for single people. Due to the low cost, do-it-yourself kits to draft and file a legally enforceable Will have become more popular.
It may be the best choice for you if you don’t have many intricate issues with your final wishes, your assets are modest, and you don’t have any children. Kits are available for a much lower price, so you can draft your will whenever convenient without having to shell out a fortune.
Lastly, ensure that you grasp everything the kit includes, including the legalese. You should sign them after you understand them fully. It is also good to note if these documents align with your state regulations.
You can also write simple wills by hand. It is known as a “holographic will.” Even though it might seem like the most convenient choice, this is not encouraged as holographic wills might be challenging to prove in court during probate.
- Using online Template and Software
Purchasing or downloading a simple will pdf or other format templates is another cost-effective option to create your own will. It’s convenient because you can finish your will by filling in the gaps.
You can also use online software services to create simple wills. However, it can be more expensive since it includes instructions on how to fill out the form correctly and what all the complicated legal terminology means in addition to the template.
- Hiring an estate attorney
An attorney can help you through the legal process and ensure your will is correctly drafted and error-free. People frequently believe that they must engage an attorney to create a will. However, it would help if you understood that this option might cost you a fortune.
Getting an attorney to prepare a simple will might run anywhere from $100 per hour to $400 or more. Additionally, any adjustments you want may cost you money. These charges may vary depending on where you live.
Simple wills can be written for considerably less money, making them inexpensive for most people. Usually, you may fill out templates online with the relevant data. While it is not essential, you can also hire professionals, which might be substantially more expensive.
Lastly, as the old saying goes, “something is better than nothing,” fits right when you consider drafting a Simple will. With modest wealth, you may decide it is not worth creating a will. You may have something of emotional value that you wish to leave to your child.
Simple Wills help to pass down your asset in such instances too. Creating a simple free will or creating it with the help of a professional may save your child and spouse in struggling times upon your death.
Now that you understand the importance of a simple will in your estate planning, you should also take care of your simple digital assets. We at Clocr provide you with services like Social Media Will, Digital Estate, Digital Vault, and many more.
With our service of Social Media Will, you can express your wishes regarding your social handles safely and securely and choose who can access them after your demise. Join Clocr today to leave an unforgettable digital legacy.