The majority of Americans have no estate plan in place. Many labor under the idea that estate planning is something that you only need to think about if you are nearing retirement and have a lot in the way of assets. This is not true.
Nobody likes to think about dying unexpectedly, but the reality is that it can happen at any time. Failure to have any kind of estate plan can cause your family additional stress during a very difficult time. Even if you are younger and do not have many assets, a simple will can help you prepare for the unexpected.
What is a simple will?
A simple will is a specific legal document intended for persons who want to create a basic plan meant for smaller estates. Particularly if you have children, an estate plan is necessary to ensure that you have legal guardians lined up for the children in the event that you die.
As the name implies, a simple will is very basic. It will name an executor and ensure that all of your assets (no matter how many or few exist) go to the beneficiaries you desire. Simple wills can be key in preventing family feuds from forming if you die without a will, or “intestate.“
What can a simple will not do?
Simple wills are unable to manage your money after you die. For example, if you wanted to set up a trust for your grandchildren, a simple will cannot do this. Additionally, if the government will subject your estate to taxes after you die, you cannot use a simple will.