Wills are often the sole estate planning documents that individuals create throughout their lifetime, but many people are hesitant to do so since it seems to be a difficult procedure. But it does not have to be that way. Simple wills can achieve most, if not all, of what a more intricate will can, with much less time and effort.
Simple wills may address issues such as dispersing property after your death, assigning a guardian for your children, appointing someone to manage your children’s financial affairs, and appointing an executor to your estate. Simple wills may be created with the use of self-help books, software, and DIY forms.
Are Simple Wills a Good Fit for You?
A simple will can probably manage all you need if you are under the age of 50 and have a modest estate (not subject to estate taxes). Simple wills may not be the ideal option if you have a lot of assets or wish to do more challenging things with your estate after you die.
Here’s an example of a scenario in which a simple will might be appropriate:
A couple is in their mid-thirties and have two little children. They have just recently paid off their college loans, so they do not have much in the way of assets. Simple wills may be used to transmit their riches to each other if one of them dies or to give everything to their children in equal parts if both of them die at the same time. They may also designate someone to care for their children till they reach maturity in the same paperwork.
Keep yourself informed on how the law influences your life.
Is it not true that Simple Wills do not have to go through probate?
Even simple wills will almost always need some type of probate. Thus it is critical to select an executor in your will who can help you through the probate procedure.
This should not be a major problem at this time since most simple wills are only written to handle the unusual event of a person’s death suddenly. You may start thinking about strategies to avoid probate after you have reached your middle years and amassed more assets.
When Simple Wills Should Not Be Used?
A simple will may work great for you if you are under the age of 50, healthy, and your assets would not be subject to estate taxes if you died right now. However, there are specific instances in which a simple will should not be used:
You want to take proper care of your finances when you pass away. For example, you could want to set up a trust to give income to your children while also transferring property to your grandkids when they pass away.
When you or your spouse pass away, your estate is liable to estate taxes.
For your special needs kid, you must establish a special needs trust.
You have a feeling that someone is going to try to dispute your will. If such is the case, having an attorney to draft and verify your will may be beneficial in fending off challenges to its validity.