If the idea of crafting a will seems extremely daunting, you are not alone. Many people hesitate to start the estate planning process because it seems like it will be a big, complicated affair. However, this is not necessarily the case, and in certain circumstances, having a simple will is beneficial.
Many Americans believe that estate planning is something people only do if they have a lot of assets or are nearing retirement. However, the reality is that it is possible to die at any time, and having a plan in place can help make life easier for those who must manage your assets after your death.
Is a Simple Will Right for My Family?
While everybody’s situation is unique, there are some characteristics that simple will holders have in common. Normally, they are under the age of 50 and have a small estate. A small estate is an estate that the government will not subject to estate taxes. If this describes you, then a simple will should fill your needs.
What Does a Simple Will Cover?
Simple wills are perfect for those who want to ensure they take care of their estates and children if they die. If you possess an estate that the government will not subject to estate taxes, then a simple will is all you need to ensure that if you die, an executor will handle your estate as you would like.
Simple wills are great as part of estate planning for new parents. A simple will can easily provide for the children without much fuss.
Simple wills are not able to manage your money after your death. For example, a they cannot do this if you want to set up a trust for your grandchildren. For those who are looking for an easy and affordable way to manage your assets responsibly, a simple will can work.
However, there are a variety of terms that simple wills won’t cover. When these terms change, it’s time for an estate plan review. Be sure to educate yourself on those, as well.
Do Simple Wills Go Through Probate?
Almost certainly, yes. No matter how simple, nearly each will go through various probate processes. It is important that when you create your simple will, you name an executor for this purpose and follow an executor checklist.
However, simple wills are best for those who do not expect to die in the near future. A simple will is a precaution, not part of an incapacity plan.
Contact an Albany Estate Planning Lawyer
A simple will tends to cover unexpected circumstances. If your estate grows and becomes more complex, it is easy to go back and amend a simple will to suit your new circumstances. For more information, contact our Albany estate planning lawyers.
