When it comes to estate planning, a “simple will” is often the starting point for many. But it’s important to understand that a simple will can cover basic needs but may not be right for everyone especially those with more complex situations. As noted in a recent article from The Courier-Journal, “Thank You and Simple Wills”, a simple will basically says all of the testator’s assets go to the surviving spouse or equally among children if the spouse has predeceased. It may also name guardians for minor children, a straightforward way to distribute assets.
Despite these features a simple will may not cover everyone. For example, if you have a diverse portfolio of assets, own property in multiple states, have a blended family or want to put conditions on inheritance a simple will may not cut it. In those cases more advanced estate planning tools like trusts can be beneficial. Trusts can manage assets during your lifetime and distribute them according to your wishes after you pass away, potentially reduce estate taxes and avoid probate.
Advanced directives and powers of attorney are also important parts of an estate plan so your healthcare and financial wishes are respected if you become incapacitated. These documents need to be thought out and tailored to your situation.
Personalized estate planning is key to making sure everything in your life and legacy is covered. Consulting with an estate planning attorney will give you the guidance to navigate the estate law and create a plan that fits your goals. An attorney will look at your situation, talk to you about your objectives and recommend the right combination of estate planning tools for you.
It’s not a one size fits all process. It takes thought and a professional to create a plan that not only protects your assets but also gives you and your loved ones peace of mind. Through personalized planning, you can make sure your wishes are respected and your family is ready for what’s next.
Reference: Courier Journal (Sept. 13, 2016) “Thank You and Simple Wills.”
