The Definition of a Simple Will
- A simple will functions as a legal document spelling out your last wishes for how your estate should be distributed. This includes all assets you specify in the document. A simple will doesn’t have to be created by a lawyer; the average person can write one, use a template from a legal help book or use an Internet version available online. To be valid the simple must be in writing and have at least two unrelated witnesses who gain no benefit from the document. It doesn’t hurt to have the document notarized as well.
- A simple will functions as a list of legal last wishes and directions on how to treat your remaining estate. In doing so it designates where and to whom your property should go, specifies who should take care of your minor age children and their property, names the person who will manage and execute your will, and it bars whomever else may want to have your estate but is not included in your final wishes.
- A simple will works for an estate where the owner is younger (under 50 years of age) and the aggregate amount of the estate is below the federal inheritance transfer tax level. However, many people find that there estate expands much bigger than assumed, and by the time they are older simple directions trigger all sorts of tax implications. This is where more complex documents such as living trusts create shelters from unwanted tax penalties and expensive probate hearings.
- A proper simple will always has a few components in it to make it successful. Without these parts, the will only creates more confusion. The first part is your identification. Enough description needs to be included in the will to link the document to you as a person and legal individual. Witnesses verify this fact by legal signature in the document.
Specified beneficiaries must be included in the written document for anything in your estate to be transferred. In addition, sufficient data needs to be included so the executor can figure out who these beneficiaries exactly are.
Along those lines, the will administrator or executor should be specified clearly. This person will be charged with the power to enforce your last wishes and defend them legally in court. This is not a light burden; executors may have to make uncomfortable decisions protecting a will and its execution.
If children are involved, clauses need to be included determining their care, their remaining guardian and the disposition of property in their name. Without it, affected children automatically become wards of the state upon death of their last parent. - Simple wills legally must be legible and typewritten. Handwritten documents are considered holographic instruments, not wills per se. A will does not avoid court probate of an estate either, but it does make your wishes clearer and avoid conflicts later of your desires as read by the court. For the will to be valid it must be signed by the owner of the document and by at least two witnesses of the signature with no personal attachment.
