Simple Will
A simple will is a simplified version of a last will and testament. This instructs your heirs on who may inherit what from your estate and what is to be done with your assets and property after you die.
Having a will is essential at any age for your estate planning and it’s worthwhile to have a good idea of what you can and can’t do with this kind of legal document.
To give you a better idea of what simple wills can be used for, we’ve created a quick explanation below.
What Can a Simple Will Be Used to Do?
A simple will can be used to manage a small estate by allocating assets to potential heirs in the event of your death. This is much like any other will and will prevent your belongings from falling intestate if you die suddenly.
As the testator (the person writing the will), you can use a simple will to manage the following tasks after you die:
- Choosing the executor of your estate
- Bequeathing property and assets
- Allocating responsibilities for your debts
- Appointing guardians for any minors or wards in your care
Who Should Use a Simple Will?
You’ll get the maximum benefits of a simple will if you’re younger and have a relatively small estate. For instance, if you’re over 30, married, have children, and don’t hold any complex financial assets or real estate holdings a simple will would be perfect for your circumstances.
What is Different about a Simple Will?
What sets a simple will apart from its other more comprehensive counterparts is that they are designed for estates that are small or less complicated in nature. For many people, simple wills are usually enough to manage your assets.
However, if you have a high-value estate or you have a complex financial or real estate portfolio that needs special management, it is worth considering another option like a conventional will or a trust.
It also is worth reflecting that simple wills are subject to probate on the death of the testator. Therefore your estate will be subject to taxation and will need to pass through the legal processes necessary before your heirs will receive their inheritance.
Furthermore, a simple will cannot be used to manage your healthcare choices if you are unconscious and need urgent treatment. You should instead use a living will to handle these decisions.
Start a Last Will and Testament now
Helpful Resources:
A simple will is a simplified version of a last will and testament. This instructs your heirs on who may inherit what from your estate and what is to be done with your assets and property after you die.
Having a will is essential at any age for your estate planning and it’s worthwhile to have a good idea of what you can and can’t do with this kind of legal document.
To give you a better idea of what simple wills can be used for, we’ve created a quick explanation below.
What Can a Simple Will Be Used to Do?
A simple will can be used to manage a small estate by allocating assets to potential heirs in the event of your death. This is much like any other will and will prevent your belongings from falling intestate if you die suddenly.
As the testator (the person writing the will), you can use a simple will to manage the following tasks after you die:
- Choosing the executor of your estate
- Bequeathing property and assets
- Allocating responsibilities for your debts
- Appointing guardians for any minors or wards in your care
Who Should Use a Simple Will?
You’ll get the maximum benefits of a simple will if you’re younger and have a relatively small estate. For instance, if you’re over 30, married, have children, and don’t hold any complex financial assets or real estate holdings a simple will would be perfect for your circumstances.
What is Different about a Simple Will?
What sets a simple will apart from its other more comprehensive counterparts is that they are designed for estates that are small or less complicated in nature. For many people, simple wills are usually enough to manage your assets.
However, if you have a high-value estate or you have a complex financial or real estate portfolio that needs special management, it is worth considering another option like a conventional will or a trust.
It also is worth reflecting that simple wills are subject to probate on the death of the testator. Therefore your estate will be subject to taxation and will need to pass through the legal processes necessary before your heirs will receive their inheritance.
Furthermore, a simple will cannot be used to manage your healthcare choices if you are unconscious and need urgent treatment. You should instead use a living will to handle these decisions.
Start a Last Will and Testament now
Helpful Resources: