It is a good idea to leave a will before you die.
A will allows you to leave your properties to the people you choose, leave your children to the guardians you want, name a manager to a property you leave to your children, and lets you name the executor, who is responsible for carrying out your will.
When To Use Basic Will
If you are not yet over 50 and does not have properties subject to estate taxes, then a basic will would be enough. If you acquire more property along the years, it would be best to set up more sophisticated planning for your will. Otherwise, a simple will is enough.
Here are some of the fundamental qualifications to set up basic will:
- You are under 50 years old
- In good health
- Don’t expect to owe estate taxes when you die
Here are some major examples when a simple will is enough:
- A husband and wife who plan to leave their properties to each other
- A couple who wants to leave their properties to their children if they die together
- If a couple want to name a personal guardian to take care of their children
Probate Avoidance
If you leave more than just a small amount of asset or property, then it definitely will be in probate court, which will take six months to a year. But if you leave a small amount for your basic will, then you don’t have to be too concerned about probate.
Creating Basic Will
There are websites online that can help you set up a comprehensive and legal sounding will for not more that $50. To make sure you come up with the right one, it is always best to consult or hire a lawyer to set up a truly professional basic will.
