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Is a simple will right for my parents?

On Behalf of | Aug 6, 2021 | Estate Planning |

Many Americans put off estate planning until it is too late. The reasons for this are myriad in scope: some may simply not like thinking about the idea of death, and others may think that that estate planning is too onerous.

If you have aging parents without an estate plan, you may wonder if a simple will is right for them. After all, the word “simple” might make it easier to get them to agree to create a plan. However, According to FindLaw, unless your parents have a very small estate that the government will not subject to estate taxes, it is unlikely that a simple will is right for them.

What is a simple will?

A simple will is one of the most basic estate planning documents. Generally speaking, in addition to having a small estate, simple wills are good for people who are under the age of 50. A simple will lays out who gets what assets in the event that the person in question dies. It can also name guardians for any minor children.

What are the limitations?

In addition to the limitations mentioned above, simple wills can not engage in complex money management. For instance, if your parents want to create trusts for their children or grandchildren, a simple will does not have this capacity.

In the majority of instances, older Americans with larger assets cannot make use of a simple will. Simple wills are best for those who are younger with smaller assets. If you yourself do not have an estate plan or many assets, a simple will may work better for you than your parents.