Millions of Americans have no will or final testament. Some Americans believe that estate planning is something they can put off until they are closer to retirement. Some Americans with smaller estates believe that estate planning is something only wealthy people need to concern themselves with.
However, having a will of some sort in place is vital. If you are younger and do not have much in the way of assets, a simple will is a good way to ensure you have a plan in place in case you unexpectedly die.
What can a simple will do?
Simple wills are best for younger Americans who have estates that the government will not subject to estate taxes. A simple will allows you to delineate an executor to take care of your estate, and it also allows you to ensure that whatever assets you do possess go to the beneficiaries of your choosing.
Simple wills are particularly important if you have children. it is unwise to not name a successor guardian in the event that you unexpectedly die.
What can a simple will not do?
If you have an estate that the government will subject to estate taxes, you may not use a simple will at all. Additionally, simple wills do not offer a way for you to manage your money after your death.
For example, if you wish to set up a trust for your grandchildren or if you have children with special needs, a simple will does not offer adequate functionality to manage these circumstances. It is also not a good idea to have a simple will if you expect that somebody will challenge your estate.