Many Americans do not go beyond a last will and testament when estate planning. However, even this can seem daunting for many people because they do not know where to start.
Fortunately, it is easy to start very basically by choosing a simple will. According to FindLaw, simple wills provide a clear-cut way to let your surviving loved ones know your wishes, even if you do not have much in the way of assets.
Is a simple will for me?
Simple wills are generally best for individuals younger than 50 who have smaller estates that the government will not subject to estate taxes. Particularly if you have minor children, a simple will can help you state who will be the guardian of your children if you and your spouse unexpectedly die. You can also ensure that whatever assets you do have to go directly to your children.
Simple wills will allow your surviving loved ones to enact your desires when you are not around. Having guidance is the best present you can give your grieving loved ones during this process.
What can a simple will not do?
If you are looking to manage your money or assets after death any further than passing them along to loved ones or charities, a simple will cannot do this for you. For instance, if you wanted to create a trust fund for your child, you cannot do this with a simple will. If your estate is large enough to where the government will subject it to estate taxes, you also cannot use a simple will.