A common belief is that estate planning is for people who are in the twilight of their lives. However, it is important to have some provisions in place in case the unexpected and tragic occurs, no matter how young or old you are.
It is true that if you are on the younger side and have fewer assets that a complex estate plan is not necessary. According to FindLaw, a simple will does not take that much time to create, and can do most things that a more complex will can.
Who should get a simple will?
Simple wills are great for individuals who are younger than 50 and have a comparatively small estate. By “small estate,” the law typically means an estate that will not have to deal with estate taxes.
For example, a young couple under the age of 50 who have children are perfect candidates for a simple will. A simple will can ensure that the assets they do have get passed cleanly to each other in the event that one dies. In the event that both die in a tragic accident, a simple will can clearly outline who becomes the children’s guardians.
Will my assets need to go through probate?
Yes. Even if you have a small estate, it will go through probate upon your death. This is why it is important to pick an executor who can guide your estate through this process. However, it is likely that if you have a smaller estate, it is less likely the government will hold anything up in probate. Later on, once you have more assets, you can reimagine your estate plan to account for your new stage of life.