For most people, a simple Will is good enough. Most experts will often say that you should consult an attorney or even an estate planning professional when you want to write a Will.
That is good advice, and I certainly agree with such advice. Especially if you have a family with young children, and your assets are quite substantial.
Even the great Leonardo da Vinci said
“Simplicity is the ultimate sophistication.”
In many cases, having a simple Will written, is better than having no Will at all. The reason is simple. At the very least, you have appointed someone to be your executor, your guardian and make provision for your beneficiaries. You left some basic instructions for your family and loved ones on how to deal with your assets.
Most of us, would not encounter what we see on television, which is dramatized long drawn affair of family members grabbing the deceased estate.
Imagine this. If you went in for a routine check up and the doctor told you that you need surgery tomorrow, I’m quite sure you would at least want a simple Will written, right?
You may still want to consult your accountant if you have one. Since you don’t really have time to plan every detail, a simple Will may be the best option.
If you have the time, off course by all means do a proper Will. The reality is, many of us tend to procrastinate. There are better more interesting things to do than spend a few hours to plan out our Will.
A simple first Will
So, why not write a simple Will written first?
If your finances are not complex, and you don’t expect to pay estate taxes, then a simple will is all that you need anyway.
Here are some examples:-
- you are single, a widow or widower with adult children
- you are married and have a young child. Both you and your spouse want to leave everything to each other while having your brother to be guardian and manage your combine assets (of less than $400,000) till your child is 18
On the other hand, you’ll probably need more than a simple Will if:-
- you have a disabled or special child
- you expect that someone will contest your Will claiming that you are mentally incompetent
- conflict between children from a prior marriage and your current family
If a simple Will suits you, make sure that the Will is legal i.e. fulfill all the requirements of the law in your state or country.
You can get some books with Will templates, however using software with a guided approach is much simpler and faster. There is less likely hood of mistakes or omissions.
Here are some online wills services to check out.