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What is a simple will?

What is a simple will?

On Behalf of | Oct 21, 2021 | Estate Planning

Estate planning is daunting to consider because it deals with the often uncomfortable subject of death.

A simple will states who will receive your assets after you pass away. If you do not create a will prior to your passing, the laws of your state will determine the distribution of your assets.

What does it include?

A will begins by identifying the person to whom the will applies and stating that they made the will of their own choice and not under duress. A simple will then identifies the beneficiaries and states what each will inherit. Next, it identifies an executor, stating who is responsible for properly distributing the estate. If the deceased leaves behind minor children, a simple will then identifies a guardian for the minor children as well as someone to be responsible for the finances for the children.

What are the benefits?

Simple wills are easy to draft and are less expensive than more complex estate planning. They are ideal for younger adults under age 50 and individuals who have small estates without many assets.

When is a simple will not appropriate?

If you have extensive assets, high net worth or own a business, a simple will may not be appropriate for your needs. If you need to establish a trust for a special needs family member, a simple will may not be sufficient. Under those circumstances, you should consider more complex estate planning options.

You should revisit and reevaluate your estate plan after any significant life change. Consider a more complex plan if the size of your estate increases after it is initially created.

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