We recently took a look at whether simple wills are right for certain New Jersey residents. Today, we will look at the other side. When should you avoid going for a simple will? Are there any situations in which these wills just will not work out for you?
Simple wills tend to work best for people who are not in possession of large assets. This is typically people under the age of 50 whose assets are not subject to estate taxes. Still, even people who fall in these categories may not find their desires met by a simple will.
For example, let us say you wish to control your money after your passing. This may involve creating a trust that can provide income for your children. It can involve dictating where your money should go next if the inheritors of your assets also pass away. If you want a say in where your money goes, who gets it and what they do with it, simple wills are not for you. You do not have this fine control with a simple will alone.
Along those lines, you will not be able to rely on a simple will if you need to set up a special needs trust. This is often set up for disabled children. It allows you to continue providing them with money even if you pass away. Finally, as mentioned above, you are not eligible for a simple will if your estate is subject to taxation.
While matters of estate planning can be complex, they are still crucial. Consider taking a look at our web page linked to estate planning. You can read more about simple wills and whether they are right for you.