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Can you get away with a simple will?

On Behalf of | Jun 9, 2020 | Simple Wills | 0 comments

You know you need to plan for the distribution of your assets and the care of your children should you unexpectedly pass but, if you are like many people, you put off the chore for various reasons. One such reason may be the fear that creating a will can be complex and costly.

While it is true that thorough estate planning does not come cheap, not everyone needs a complex will. Simple wills can accomplish many of the same things that a complicated will can, if not more. FindLaw explains what a simple will can do and when it may or may not be right for you.

What a simple will can do

A simple will help you accomplish the most basic of estate planning tasks. With a simple will, you can dictate the distribution of your property following your death, name a guardian for your children, appoint someone to manage your children’s funds until they are of a certain age and elect someone to act as the executor of your estate.

When a simple will may be right for you

If you are under the age of 50, enjoy good health and have a fairly small estate, you may be able to accomplish your estate planning goals with a simple will. As an example, FindLaw uses a young married couple in their 30s. The couple has two children and very few assets. In this situation, both parties of the couple could use a simple will to pass on their wealth to one another and their children. They can also use their documents to name a guardian for their children.

When you may need something more complex than a simple will

There are very few instances in which a simple will may not serve your estate planning purposes. If you have amassed considerable wealth in your lifetime, you may want to use a trust over a will, as a trust can help you avoid probate. If you want to manage your wealth beyond your lifetime you may, again, want to use a trust instead of a will. Finally, if you have disabled children whom you want to care for upon your passing, you may want to set up a special needs trust.