What is a Simple Will?
There is one major guarantee in life for each and every one of us – we all will die someday. We may not know when or how it will happen, but there has yet to be a person who has managed to work around it. With a solid guarantee like this, it’s important to think about your own personal wishes after your death.
A simple will, also called a last will and testament, is exactly what it sounds like – it is a basic will that states how to handle certain details after your death.
Planning your wishes for after your death for some people is a chore that they don’t want to think about. For others, putting down important details regarding your life and property gives peace of mind. However, even if you don’t want to write a basic will for yourself, writing a simple will takes a huge burden off the shoulders of your loved ones and for many, that is enough to take the time to get it done.
How Do You Write a Simplest Will?
Are simplest wills hard to create? Can you write one on your own? If so, what are the requirements necessary to assure that it is a legal binding document?
Simple wills don’t have to be complicated. Many people really don’t need a complicated will, so a simple will is a perfect solution that is easy and affordable.
Here is a short list of some of the most important details to include:
- Choose who you want to be in charge of your estate, also known as an executor. This person should be someone you trust will carry out your final wishes and is called your executor
- Choose who you want to inherit your personal property
- Choose a guardian to care for your children and/or pets
- Sign the will in the presence of two additional witnesses, and have them sign as well. Having witnesses sign is very important and proves that it was really you who made the decisions written in your will.
What is the Difference Between a Simple Will and a Living Will?
A simple will is gives instructions for your assets after your death. A living will gives instructions for your health care in the event that you are alive but unable to communicate for yourself. A living will is important because it tells your family and medical professionals the level of medical intervention you want.
How Do You Draft a Will?
You can either create your will on your own or have a lawyer draft it for you. If you do it yourself, the most important thing to remember is that you need witnesses to sign that you are of sound mind and that this truly is your personal wishes.
If you do choose to draft your own simple will, it’s always a good idea to have your lawyer review it to make sure that it is legally binding and that the most important information is included.
Do I Need a Will?
Dying without a will is called dying “intestate.” Legally speaking, the answer is no, you do not need a will. If you pass without even a simple will, the state you resided in will decide how to divide your property and will appoint guardians for your children. Oftentimes, this ties your assets up for an extended amount of time, which means your heirs will have to wait an undetermined amount of time to receive your assets.
How Much Does a Simple Will Cost?
The fee for drafting a simple will depends upon the lawyer that you choose and what state you live in. As a guideline, most simple wills can be created between $200 and $1,500.