It is a mistake to think that having a will is something that is not affordable or not for everyone. Having a will can help ensure the estate planner’s belongings end up in the hands of who they want them to. For that reason, estate planners should know what a simple will is and how one may benefit them.
Elements of a simple will
Simple wills can require less time and effort to create but also provide valuable protections to the estate planner. They can make the process of creating a will less intimidating. A simple will can distribute the estate planner’s property, name a guardian if the estate planner has minor children, designate a trusted individual to manage the financial affairs of the children and also name someone to act as executor of the estate.
Simple wills are better for smaller estates and less complicated estate plans. A simple will is likely still subject to the probate process but naming a trusted executor can help guide that process along. As the estate planner’s estate grows more complex, they may be able to focus more closely ways to avoid probate. Simple wills may not be the best in every situation so it is helpful to know when to use one.
It is critical to focus on the importance of estate planning for everyone at every stage of life. Estate planning and a simple will can help the estate planner rest easy that their loved ones will be cared for how they intended them to be cared for and that family members receive the possessions and property they want them to receive.