When wanting to get one’s affairs in order and estate planning finished, it is normal to have questions about how detailed and in-depth the estate plan should be. For many Georgia residents, a simple will is sufficient and will accomplish all their estate planning goals. However, for some, a simple will isn’t enough.
A simple will is…
A simple will is what one imagines a will to be. It is a legal document in which a person leaves instructions for the distribution of his or her estate in writing. It can cover a lot of ground. Issues typically addressed include:
- Naming beneficiaries
- Appointing a guardian for minors
- Naming an executor
- Asset distribution instructions
A simple will is pretty straightforward and uncomplicated. It is relatively easy to put together. For many, it can certainly do the job.
When is a simple will not enough?
As good as a simple will is, there are several reasons why it may prove insufficient for some. For starters, if a person has significant assets, a simple will won’t offer much protection for those assets. Beneficiaries may end up losing a lot to taxes, or they may not use their inheritance wisely. A simple will also won’t protect beneficiaries who might need extra protection, such as individuals with special needs. Setting up a trust is just the better way to go when asset, tax and beneficiary concerns exist.
Make it count
Georgia residents who are preparing to get estate planning done will want to make their time and effort count. Don’t assume a simple will is enough, but don’t assume one will need more than that either. It is possible to get exactly what one needs to ensure assets and beneficiaries have the protections they require. An experienced estate planning attorney can go over all available options and help one create a plan that meets one’s needs and goals.