It is a shocking truth that many Americans have no estate plan. Of course, many people, particularly younger individuals who do not have much in the way of assets, believe that estate planning is only for the wealthy and established. This is not true.
However, it is true that if you do not have much in the way of assets and it does not look like you will die soon, it is unlikely that you will need an extremely complex estate plan. A good option for younger individuals is to create a simple will.
What is a simple will?
A simple will is good for individuals who are under the age of 50 and have comparatively small estates. By a “small estate,” this means an estate that the government will not subject to estate taxes. It is not good for individuals who wish to manage their money after their death or do more complex financial feats.
Who should get a simple will?
Particularly if you have children, a simple will is a must. Simple wills can ensure that if one partner in a marriage unexpectedly dies, all assets will go to the remaining spouse without debate after probate. Another thing that a simple will can do is name a guardian for children in the event of a tragic accident resulting in the death of both parents.
Failure to have a simple will can cause a lot of additional headaches on top of the grief that surviving family members would be experiencing at these tragic deaths. A simple will does still go through probate, so you will need an executor, but they typically take less time in probate because the estates are less complex.