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What is a simple will?

On Behalf of | Oct 10, 2022 | wills and trusts | 0 comments

Most Americans are aware that having a will in place, even at a young age, is a wise decision. However, many hesitate before doing so, mostly because the process often seems very overwhelming.

However, it does not have to be that way. For persons with smaller estates, creating a simple will is quick and easy. According to FindLaw, simple wills are best for people under the age of 50 who do not have many assets.

Who is a simple will good for?

Simple wills are a wonderful choice for young families. For instance, a married couple in their 30s with young children and few debts and assets can use a simple will. Having a simple will in place can make sure that if one parent dies, all of the shared assets go directly to the other parent. If both parents die, a simple will makes sure that all assets go to the children. It is also a good way to make sure that there is a guardian in place for the young children, if this is necessary.

Do simple wills go through probate?

Yes, even simple wills must go through probate. This is why you must always name an executor when you create a simple will. However, because simple wills usually function as an emergency measure should something catastrophic happen, this is not a major concern. Also, probate associated with simple wills is usually easy. When the person in question ages and accumulates more assets, then it is possible to revise the will to accommodate this.

Nobody likes to think about death, particularly when young and healthy. However, having a simple will in place is an easy way to secure peace of mind.