Wills
A will can be a powerful tool for simple estates.
1. A will is a document for simple estates with total values ( including home equity, life insurance, retirement savings, etc) of less than $50,000. Wills are subject to the probate process, but simple estates are easy to run through probate.
2. Wills can accomplish the following goals:
They can establish and provide a framework for the guardianship of minor children;
They can control simple distribution (including simple trust-type distribution) of money and property;
They can express love and deeply held desires for family that are not meant to be enforced.
As far as planning and estate distribution go, a will can accomplish nearly as much as a trust, but by the time you have a will drafted to do what a trust would normally do, you might as well have drafted a trust. This is why wills are preferred only for small, simple estates.
