Where There’s A Will… Is It Really The Way?

A comprehensive Estate Plan will include a Financial and Health Care Power-of-Attorney so that your loved ones can still make health care and financial decisions if you become incapacitated.  It will also include a Family Living Trust to pass your assets on to your family and beneficiaries once you pass away but without having to resort to Probate.  So they have a Family Living Trust prepared in combination with other estate planning documents that make up a comprehensive Estate Plan.

But you may be thinking… I just need a “simple Will” for me and my family.

So then, when is having just a “simple Will” the way to go?

Before we answer that question, it’s important to know that if you have a Will, whether a “simple Will”, or one that’s more complicated, your family will be required by Law to file the Will with the local Probate Court and go through the timely and costly process of Probate Administration after you pass away.  A Will, simple or not, has to be filed in Court and administered in Probate.

A Will DOES NOT avoid Probate.

But even if you can’t avoid Probate, in some limited circumstances, having just a “simple” Will may be the way that’s best for you at your stage in life.

For instance, many younger people in good health, just getting hired for a job, or recently married but without children, often don’t need a comprehensive estate plan.  They prepare a “simple” Will to leave their relatively modest amount of property to their spouse or significant other, and perhaps a few relatives or close friends.

Although Probate will be required for even a “simple” Will, a younger person with no health problems may have “time” to build up his or her nest egg, as there is no Probate until you die.  The problem is that no one knows when their end is near.  But if you’re still young, in good health, don’t have any children, and don’t have much assets, then a “simple” Will… may be the way.

If you’re older, but don’t have much in the way of assets other than possibly a basic affordable or starter home (with little to no equity), and perhaps a few thousand dollars in the bank?  Again, this may be another one of those limited scenarios where a “simple” Will could be the way to go.

If you go the “simple” Will route, what should it contain?

At a minimum a “simple” Will should contain a list of whatever assets you own at your current stage in life, a list that details the names and contact information for your spouse, children, and other beneficiaries, a clear explanation of how you want your relatively small amount of assets divided up at the time of your death, and the name of the person who will handle your estate when you pass away.  That’s about all that’s contained within a “simple” Will.

So is a Will the way?  Or is an Estate Plan the better path? 

Schedule a FREE Zoom conference TODAY at mail@themendezlawfirm.com.  We can discuss whether a “simple” Will or a more comprehensive Family Living Trust is best for you.  We’ll also review a Financial Power of Attorney, a Health Care Surrogate, Health Care Advance Directives, Property Deeds, Life Insurance, Retirement and Investments, and even Funeral and Memorial Arrangements.