Many Americans think that estate planning should wait until after retirement, but this is not true. No matter where you are in life in terms of age or assets, an estate plan is beneficial in case the unexpected happens.
However, many younger individuals do not need as complicated of an estate plan as those who are older and have more assets do. This is why simple wills exist. According to FindLaw, a simple will is good for individuals under the age of 50 with smaller estates.
What can a simple will do?
Simple wills can cover the basics in the event of your death. For example, if you have children, a simple will allows you to name a guardian for your children.
Additionally, you can delineate where your assets go with a simple will. Even if your assets are minimalistic, a simple will can prevent a lot of familial fighting or strife if you die. Keep in mind that even a simple will does need to go through probate, so you must name an executor to guide your estate through the process. However, simple wills exist as a basic safeguard only: those where an individual dies unexpectedly. You can put more thought into avoiding probate later.
What is a simple will not good for?
If you want to do any complex money management after your death, a simple will cannot do this. For example, if you wanted to set up trust for future grandchildren, a simple will does not contain the mechanisms for this. Additionally, if you have an estate that the government will subject to estate tax after your death, a simple will does not suffice.