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What is a simple will?

On Behalf of | Sep 20, 2018 | Simple Wills | 0 comments

It is easy to procrastinate when it comes to making a will. It is not fun to have to think about your eventual death. It is natural for us to believe we will die so far into the future that we have time later to get to a will. The problem is, if you die unexpectedly without a valid last will and testament, it will be up to state law to decide what happens to your estate. Any of your final wishes will not be known.

The easy way to make sure your final wishes are carried out is by creating a simple will. Also known as a basic will, this document can accomplish everything you may need in a will without being as time consuming as a complex will. Even if you believe your family knows what to do when you pass, having a will takes away any confusion that may arise.

What is a simple will?

A simple will not only documents your final wishes regarding asset distribution, but you can use it to name an executor. An executor is the person in charge of your estate after you die. You can also use a simple will to name guardian for your minor children and even someone to oversee their financial matters.

How do you know if a simple will is for you?

A good barometer to see if a simple will works best for you comes down to your health and assets. If you are in relatively good health, or if you have a relatively small amount of assets, then you may consider a simple will.

A simple will vs a complex will

You may want to consider a complex will if your estate will be subject to estate taxes after your death. As the name signifies, a complex will is more detailed and can contain a wide range of provisions that would not be found in a simple will. Other reasons to choose a complex will over a simple will includes if you own a business, plan to acquire expensive assets, feel your will could be contested or if you want to create a trust.

Even though the creation of a simple will may not be complicated, it is a good idea to have an experienced attorney to review it. You may find this consultation valuable to learn of any items you may not be thinking about that can be a significant issue for you.

Whether you decide on a simple or more complex will, the most important factor may be to have some type of estate planning option in place. Having your end of life wishes written down can provide peace of mind for both you and your family.