Is a Simple Will Enough?

A simple will is the most basic of estate planning documents which determines what happens to your belongings when you pass away. What belongings you own can have important implications for whether or not a simple will helps you to accomplish your estate planning goals. For example, if you own a lot of property and are concerned with the manner in which it is distributed to your beneficiaries, a simple will may not cover enough flexibility and control for you.

A simple will is best for those with relatively few assets who are aiming to keep their loved ones outside of probate court with a simple transfer of assets. A simple will is best for people with easy situations.

If you have a lot of assets, have recently been remarried or divorced, have assets in multiple states, own a business or have stepchildren, a simple will may not go far enough to accomplish your estate planning goals. It is also possible that a simple will drafted months or years ago for you is no longer relevant to the complexity of your current life. In these circumstances, you want to have a lawyer who has managed situations like this before to help you adapt your estate plan for your new lifestyle.

Talk to a Virginia Beach estate planning lawyer when you’re not sure if a simple will covers your needs. Estate planning lawyers work to understand your situation and then use that data to make a recommendation about the plan that best fits your needs.

 

Tags: No tags

Comments are closed.