Evaluating whether “I just need a simple will!”

A so-called “simple will” is NOT always the best estate planning option. The overall value of one’s personal assets is just one factor to be considered. Other considerations include, but are not limited to: 1
. avoiding probate costs; 2. minimizing estate, gift and generation skipping taxes; 3. appointing someone to care for minor children or disabled relatives; 4. choosing a trustworthy personal representative/executor; 5. planning for any long term disability; 6. planning for the possibility that one’s spouse will renounce the will and opt for an “elective share”; and 7. using so-called “will substitutes” to give certain property directly to another person, immediately upon death.

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