What is a simple will?

| Jul 28, 2020 | Firm News

It is never too early to start estate planning. Many people believe that they do not need to consider starting an estate plan until they are nearing retirement; however, the reality is that many people would benefit from having a will in place at a much younger age.

Creating a will does not have to be difficult. In fact, there is literally a variety of will known as a “simple will.” According to FindLaw, simple wills are great for those who are under the age of 50 and do not have large estates.

What can a simple will do?

Simple wills can do a lot of heavy lifting, even though they are not complicated. For example, a simple will can help choose somebody to be the executor of your estate, name somebody to manage the financial affairs of any minor children you have and name guardians for those children.

Simple wills are a good idea for parents. Even if you do not have a huge estate and your children are young, it is important to have provisions in place in case something unexpected happens to you, your partner (if applicable) or both of you.

Do simple wills go through probate?

In the vast majority of cases, yes, simple wills must go through probate. This is why it is important to have an executor for your will. However, simple wills are more common for people that are unlikely to pass away at any point in the near future. Later on in life, when you decide to create a more comprehensive estate plan, you can work on ways to avoid your estate going through probate.