The majority of Americans are aware that a will is necessary in order to ensure that our assets are rightfully distributed when we are gone. However, many Americans are hesitant to write a will due to how complex the process seems.
However, there is a specific variety of will called a “simple will” exactly for this purpose. According to Findlaw, simple wills can do most things that more complicated wills can, except they take much less time to execute.
Who is a simple will good for?
Many people reserve estate planning for later in their lives, when it is advantageous to create a will much earlier. In fact, simple wills are for individuals who may not have much in the way of assets but want to ensure that everything is in order in the event that they pass away.
For instance, a young couple in their 30s or 40s who have children but not a lot of assets due to student loans may find that a simple will helps ensure the assets they do possess go to their children in the event of their untimely demise. They can also use a simple will to name guardians for their children.
When should I not use a simple will?
If you want to invest money in trusts or otherwise manage money after your death, a simple will is not going to be able to provide full provisions for this. Particularly if you have a disabled child or other beneficiary, a simple will is not going to be able to form a special needs trust for him or her. Additionally, if the government will tax your estate after your death, a simple will cannot provide a robust enough plan for this.