A will is typically the cornerstone document in an estate plan. However, plenty of adult Americans do not have a will of any sort in place, even if they have children. This can be risky for a number of reasons.
Often, many think that wills are only for the elderly or persons with very large amounts of wealth. This is not true. In fact, younger Americans can benefit greatly from a simple will. According to FindLaw, a simple will takes very little effort to create and can streamline events in the event of somebody’s untimely death.
What does a simple will do?
A simple will does the same thing as a more complicated one: it names the beneficiaries in the event of death and also names an executor to manage the estate. Simple wills are good for younger Americans as they do not require a lot of effort but will provide a roadmap in the event of accidental death.
Simple wills are a must for those who have children. Even if you and your partner do not have much in the way of assets, you can use one to name a guardian for your minor children in the event that both parents die. This can prevent a lot of strife.
Do simple wills go through probate?
Yes, a simple will still goes through the probate process. However, probate will take a lot less time if you have a will in place, as compared to dying intestate. It will prevent arguments from forming and make the process easier for your family.
If you have no will, consider a simple will. It is an easy step that goes a long way to caring for your family.