What is a simple will?

On Behalf of | Sep 15, 2020 | Estate Planning

Estate planning may seem like it is only for people who have a considerable amount of assets to wrangle or for the elderly, but this is not true. Even if you are at a lower income level and comparatively young, having a will in place is a must.

However, particularly if you are younger, a full-blown estate plan may not suit your needs. Even if you do not need a robust estate plan at this stage in your life, you can easily create a simple will. According to FindLaw, persons who are under the age of 50 and do not have very large estates will find that a simple will likely fits their needs.

What can a simple will do?

A simple will lays out a basic plan in the event of your untimely death. For example, a simple will can name a guardian for any minor children, can put somebody in charge of managing the financial affairs of either your estate or your children and can distribute property.

Particularly if you do have minor children, having a simple will is imperative. Death is always a possibility, and you want to make sure that somebody assumes legal responsibility for your children immediately.

Will a simple will go through probate?

All wills go through probate, even simple ones. You will need to name an executor so that your estate goes through probate with a guide. However, in the majority of cases simple wills are for people who are not likely to die in the near future. When you age and have a bigger estate, you can replace the simple will with a more robust estate plan.