Simple and Complex Wills

A will is a legal declaration that assigns one or more persons to manage another person’s estate and provide for the transfer of his or her property at death. Wills fall into two basic categories: simple and complex. Traditionally, a simple will refers to a will that represents an estate that is valued at less than $1 million, while a complex will refers to a will that represents an estate whose value is $1 million dollars or more. Complex wills are considered “complex” because they employ more legal measures to insure that a large estate does not lose significant value to estate taxes.
Although wills are the most popular way for a person to legally distribute his or her estate, a study by Consumer Reports shows that roughly 66% of adult Americans do not have a will in place. Dying without a will commonly leads to three unenviable situations:

• The significant reduction of an estate’s value due to court costs and taxes
• Family disputes that permanently damage familial relations
• A lack of long-term provisions for minor children

Whether your estate requires a simple will or a complex will, it is wise to contact an experienced estate attorney and begin forming your will as soon as possible. Life, as the old saying goes, has no guarantees. But forming a will can insure that it does.