By the Estate Planning Attorneys at Garg & Associates, PC, serving The Woodlands, Spring, Houston, Conroe, Humble, Kingwood, Tomball, Cypress, Huntsville, Westchase, Southwest, Sugar Land, West Oaks, Alief, Memorial, River Oaks, Stafford, Katy, and Missouri City.

SIMPLE WILLS

Many clients come to an estate planning attorney indicating that they need a ‘simple will’ prepared. For some, a so-called ‘simple will’ will in fact be sufficient to execute the primary goals of estate planning: to direct the distribution of probate property at death, and nominate an individual to administer the estate. It is best, however, to consult with the qualified Trusts & Estates attorneys at Garg & Associates to fully understand your testamentary options and make an informed decision with regard to the scope and complexity of your Will.

 Some view the term ‘simple will’ to encompass all non-tax planned wills (that is, wills drafted for those currently with non-taxable estates, or otherwise for whom wealth transfer taxes are not anticipated to be a concern). More generally, a simple will is one which leaves property outright (free of trust) to a surviving spouse, or if no spouse is surviving, to children. Often called “Mom and Pop Wills” or “Sweetheart Wills,” these documents steer clear of testamentary trusts and instead make sweeping, outright gifts of a person’s entire estate to one person or group (again, usually to a spouse). 

A husband and wife with children over 18, for example, are often a classic example of a couple utilizing ‘simple wills.’ If a married couple has no minor children, wishes to leave all property to each other, and otherwise does not have assets or personal goals warranting more sophisticated estate planning, ‘simple wills’ may very well fit the couple’s needs. If the estate is (in relative terms) modest, property being inherited by minor children is not a concern, and the primary objective is to name an executor and clear title to property in the survivor’s name, a ‘simple will’ may be an option. Likewise, even if a testator is unmarried and wishes to “leave everything” to a parent or a charity, it is possible that a ‘simple will’ could suffice.

As mentioned, however, it is always advisable to seek the counsel of the Estate Planning attorneys at Garg & Associates to aid you in assessing your needs in a Will. If your circumstances cause estate taxation to be a concern, a ‘simple will’ would not only be ill-advised, but also would likely result in great future cost on your devisees. But even those with the humblest of estates may have a need for more comprehensive planning. For instance, a person with modest wealth and minor children may wish to explore the use of testamentary trusts. For those using a ‘simple will’ who pass away leaving minor children, the children inherit at age 18. Many, however, do not believe an 18-year-old to have the mental or emotional maturity to prudently handle an inheritance, and wish to postpone a child’s receipt of assets until a future age, or even until the earning of a college degree. A trust for the benefit of a child is an option providing a great deal of flexibility and control regarding the distribution of property, and should be fully discussed before a ‘simple will’ is used.

Thus while many believe they need only ‘simple will,’ that may or may not be the case after full examination and analysis of the circumstances. For individuals who have minor children, large estates, property in other states or countries, blended families, non-citizen spouses, grandchildren to whom they are making bequests, or otherwise wish to explore the use of trusts and planning vehicles within their Wills, the Wills & Trusts attorneys at Garg & Associates are available to guide you regarding options available to you in your estate plan and the advisability of a ‘simple will.’

Call Garg and Associates today at 281.475.4640 or complete our Contact Form and let us assist you with your wills and trusts.