Most Americans are aware that a will is the cornerstone of many estate plans. However, many also labor under the delusion that starting estate planning is only for those who are at the age of retirement.
The unexpected can happen at any point. Particularly if you have children, possessing a will is vital. Depending on the size of your estate and your age, you may be able to make use of a simple will. According to FindLaw, a simple will is best for individuals under the age of 50 who have estates the government will not subject to estate taxes.
What can a simple will do?
Even if you have a comparatively small estate, it will still go through probate after you die. Dying without any kind of will means that your estate, no matter how small, may end up in the courts for months or years. Particularly if you have minor dependents, losing access to your estate entirely during the probate process may be catastrophic.
Simple wills can also ensure that there is a clear guardian for your children. Most simple wills for married couples leave everything to the other spouse, but they also have directives in place in case something happens and both spouses die.
What can simple wills not do?
If you want to manage your money in any shape or form after your death, a simple will does not suffice. For instance, simple wills cannot establish trusts if this is something you wish to do. Additionally, if the government will subject your estate to estate tax, then you may not use a simple will.