A common misconception is that an estate plan is only helpful if you have kids or a lot of stuff, but almost anyone can benefit from a simple will.

A simple will gives instructions for how to distribute your assets after your death and appoints someone to carry out those instructions (called a personal representative or executor). Without a will, a judge decides based on state law who will make these decisions and who receives your assets, and they may not be the same as you would have chosen.

A simple will is helpful for the following reasons:

1. You decide who gets your assets after your death. Without a will, state law governs how your property is distributed, even if it’s not what you wanted. Some people wish to give their assets to charity, friends, or other important people or organizations in their lives, but this is only possible if you have conveyed these instructions in your will.

2. If you have young children, you can name a guardian for your children in your will. Without a will, a judge decides who will raise your children based on state law, and it may not be the same person you would choose. You can also decide who will manage the property you leave for your child until they are old enough to manage it themselves.

3. If you have pets, you can choose who will take care of your pets.

4. A will waives the probate bond requirement. When someone dies without a will and their estate must be probated to transfer their assets to their heirs, the court will most likely require that the person seeking to probate the estate get a bond for the value of the estate. There are very few reasons in Oregon why a court would not require a bond. Getting a bond means paying a premium while the estate is open, which can be months or years. The estate also cannot be administered until the bond is in place, meaning the heirs must wait longer to receive any assets. Luckily, wills generally include a statement waiving the requirement that the personal representative have a bond. This simple tool can save time and money for the loved ones administering the estate.

A simple will is often enough to provide peace of mind that your assets will be distributed according to your wishes and your loved ones will have an easier time administering your estate if you die unexpectedly. In addition, creating a will does not have to be a huge cost or time investment, and you can change your estate plan over time as your circumstances change.

Schedule a free consultation with Pawlick Law, LLC to understand if a simple will is right for you and make an informed decision based on your needs and budget.