A “simple Will” leaves the person’s entire estate to their spouse, or equally to their children if their spouse predeceased them. There is no trust involvement. Most people think their Last Will and Testament is a “simple Will.” After all, it is simple to them and they know how they want their property to pass after they are gone. But sometimes, it is not so simple. And since the person whose Will it is won’t be around when the Will is put to the test, the Will must detail the person’s intentions so that there is no room for confusion.
If a person is under age 50 and doesn’t expect to leave assets valuable enough to be subject to estate taxes, a basic will is usually enough. But as the client grows older and acquires more property, they may want to engage in more sophisticated planning.
When a person dies without a will, the state determines how his or her property is going to be distributed after death. The primary purpose of a will is to allow you to decide who will receive your probate estate – which might include property such as your money, a home, a summer cabin, the family dog or cat, heirlooms and many other things too numerous to mention. By creating a will, the individual determines how his or her property is going to be distributed after death. For most people, a will is an important part of planning to make sure things go smoothly after death.
A Complex Will, as compared to a Simple Will, includes Trusts or other provisions designed to minimize federal or state estate taxes; or if possible, to provide protection to estate assets from the high costs of long term health care. Also, where the testator’s Will includes numerous specific bequests to different individuals, the Will is not considered a Simple Will. Finally, a Will stating that certain assets are to be transferred (poured over) to a trust, is called a Pour-over Will.
If you leave property that passes through a will, probate court proceedings will probably be necessary after your death.