Many Americans push off estate planning until late in their lives. However, this can be a tragic misstep if you die young. Having a comprehensive estate plan in place is important at all stages of life, even if you do not have much in the way of assets.
Many people find that a simple will is a great way to ensure that they take care of their estate planning needs. According to FindLaw, a simple will is for individuals who are under the age of 50 and do not have large estates.
If I have a small estate, why do I need a will?
In the event that you die unexpectedly, it is likely that your surviving family members will have a difficult time. It is sad when an elderly relative dies, but if somebody in the prime of their life suddenly disappears the impact may be more severe.
Having a plan to guide your family members through stressful times is wise. Plus, if you have minor children a simple will allows you to choose a guardian for them should you and your spouse die.
Who should not use a simple will?
If you would like to manage your money after you die, a simple will cannot do this. While a simple will can pass down assets to beneficiaries, it cannot create trusts for your grandchildren.
Additionally, if your state is large enough for the government to subject it to estate taxes, you cannot use a simple will: you will need a more robust estate plan. However, simple wills are a great way for persons with smaller estates to ensure that they planned for all potential situations.