Many Americans believe that estate planning is best left to the golden years. However, no matter how old you are or how many assets you currently possess, everybody can benefit from an estate plan.
Of course, if you are on the younger side and do not have as much in the way of assets, you do not need a very complicated plan. In many cases, a simple will is enough. According to FindLaw, a simple will can help adults of all ages have a plan in place if tragedy strikes.
Who can benefit from a simple will?
Persons who are under the age of 50 and have estates small enough so that the government will not tax them can benefit from a simple will. A simple will still goes through probate, so you need to name an executor in the same way as somebody with a more complicated estate would.
A simple will is particularly important for parents. With a simple will, you can clearly delineate who will be the guardian of your children in the event that both you and your spouse die. You can also pass your assets along (however big or small they will be) with a simple will. It will streamline the process in the event of your unexpected death.
What can a simple will not do?
Simple wills are not good for individuals who wish to manage their money after their death. For instance, if you would like to set up trust for children or grandchildren, a simple will cannot do this. Additionally, if the government will subject your estate to taxes if you and your spouse die, a simple will does not suffice for this situation.