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What is a simple will?

On Behalf of | Oct 31, 2022 | Estate Planning |

Estate planning is important, no matter what age you are or how many assets you have. Particularly if you are a younger American with children, having some form of will in place is a paramount concern.

However, you do not need to have a huge estate to have a will. In some situations, simple is better: that is why there are “simple wills.” According to FindLaw, simple wills are good for Americans under the age of 50 who do not have large estates.

Quick and easy

Particularly if your estate is small enough that the government will not subject it to estate taxes, simple wills are an easy solution. Even though most persons under the age of 50 do not expect to die within the next few decades, accidents do occur.

You can use a simple will to ensure that your assets go to your partner, in the event that one member of a marriage dies. Simple wills are also a way to designate a guardian of any minor children if both parents are dead.

Simple wills and probate

Though simple wills are very basic documents, they will still go through probate. Thus, you still must name an executor when you are creating a simple will. In most cases, this is not an immediate concern: simple wills are a bulwark against untimely accidents, and nothing more.

Once you age and your estate grows, you can transfer out of a simple will and into more detailed documentation. However, simple wills are a quick and non-daunting way to protect yourself and your family in the event of the unthinkable.