What is a simple will?

For many people, the idea of sitting down and going through the estate planning process is very daunting. Particularly if the person in question is on the younger side or does not have very many assets. However, estate planning does not need to be super complex, and it is certainly not only for those who have ample assets.

For many Americans, a simple will is sufficient to take care of their needs. A simple will is great for those who have a comparatively small estate and are not older than 50, according to FindLaw.

Who would benefit from a simple will?

Essentially, if you do not currently have a will in place, it is likely that a simple will would help you. Particularly if you have children, having a plan in place in case you die is extremely important. It is a good idea to have somebody in mind to act as the executor of your estate, and also to potentially take care of your children.

Even if you do not own much, having a clear plan for your assets is vital. It can save a lot of potential family infighting if you happen to die unexpectedly.

When should I not use a simple will?

If you do happen to own assets and you wish to engage in money management posthumously, a simple will is not going to handle this. For example, if you would like to create a trust to provide income to your adult children after you pass and then to your grandchildren after your children die, you cannot use a simple will.

Additionally, if the government will subject anything in your estate to estate taxes, then you should not use a simple will.