The majority of Americans do not have an estate plan in place for when they die. Many younger Americans believe that they can put off estate planning until they retire. The reality is that the unexpected can happen at any time, and it is best to prepare.
If you are younger, it is still prudent to have an estate plan. Many younger Americans find that a simple will suits their needs very well. According to FindLaw, simple wills are good for individuals younger than 50 who have smaller states that the government will not subject to estate tax.
What can a simple will do?
A simple will can make things easier on your family if you die unexpectedly. It is likely that if you are younger and you die it is due to a tragic mishap or unexpected illness. Your family will be going through a lot of grief during this period, and a simple will can ensure that the executor merely has to follow your instructions. This will make dealing with your death much easier on your loved ones, as dying without a will can be a complicated legal process.
Additionally, a simple will is very important if you have children. Simple wills allow you to designate a guardian if you and the other parent of your children unexpectedly die.
What can a simple will not do?
Simple wills are not able to manage your money after death. If you wish to set up a trust for your children or grandchildren, a simple will cannot do this. Simple wills are also not sufficient if the government will apply estate tax to your assets after you die.